Princely Supreme Court ruled: Waiver clauses regarding retrocessions were void

LEGAL: After the Supreme Court had already dealt with the claims of bank clients to information and surrender of retrocessions in three leading decisions on retrocessions in Liechtenstein RETRO I, II, and III, and had affirmed these claims in principle, the Princely Supreme Court has now ruled for the first time in a legally binding manner following these decisions that the waiver clauses used by the defendant bank regarding retrocessions were null and void. The bank was obliged to disclose the retrocessions to the client. The Princely Supreme Court saw no reason to deviate from the previous rulings of the Supreme Court. Nevertheless, the defendant bank announced its intention to appeal to the State Court. Schwärzler Rechtsanwälte successfully represented the bank client in the proceedings.

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