New accusation of a faulty product.
Swiss Life (Liechtenstein) AG, under the name of its legal predecessor Capital Leben, sold a life insurance product to German clients via Deutsche Bank (Switzerland) AG under the brand “Liechtenstein Fundlife Capital” for the purpose of setting up an old-age provision. The selling and asset management was performed by Deutsche Bank (Schweiz) AG.
A client of Swiss Life (Liechtenstein) AG now claims that the product sold by the insurance company was doomed to fail from the very beginning and that there was no realistic chance of an increase of value for the client. Despite generating gross returns of over 30% over the period, the value of the insurance policy did not develop positively in favour of the customer at all.
The accusation is that the entire returns generated by the asset management were consumed by an extensive and non-transparent cost structure and that only the asset manager and the insurance company could benefit from the product, but not the customer.
The accusation is also based on the allegation that the client was not informed about the actual costs and charges before signing the contract and was therefore not aware of the returns required to cover the costs.
Our firm believes that all clients who purchased the same product through Deutsche Bank (Schweiz) AG from its legal predecessor, Capital Leben, have potential claims for damages against Swiss Life (Liechtenstein) AG. The products probably has been sold primarily to former clients of Deutsche Bank (Schweiz) AG.