New accusation of an unsuitable product.
Under the name of its legal predecessor Capital Leben, Swiss Life (Liechtenstein) AG sold a life insurance product to German customers via Deutsche Bank (Switzerland) AG under the name “Liechtenstein Fundlife Capital” for the purpose of setting up a pension plan. The brokerage and asset management of the products was handled by Deutsche Bank (Switzerland) Ltd.
A client of Swiss Life (Liechtenstein) AG is now alleging that the product sold by the insurance company was doomed to failure from the outset and that there was no realistic prospect of an increase in value for the client. Despite generating gross returns of over 30% over the term, the value of the insurance policy did not develop positively in any way in favor of the customer.
The accusation is that all of the returns generated in the asset investment were eaten up by an extensive and non-transparent cost structure, meaning that only the asset manager and the insurance company, but not the customer, were able to profit from the product.
The accusation also goes to the effect that the customer was not informed of the actual costs and charges before concluding the contract and was therefore unaware of the returns required to cover the costs.
Our law firm is of the opinion that all clients who took out the same product sold at the time by the legal predecessor Capital Leben via Deutsche Bank (Schweiz) AG may have claims for damages against Swiss Life (Liechtenstein) AG. The products are likely to have been sold primarily to clients of Deutsche Bank (Schweiz) AG at the time.