Facts
A. Ltd. (Claimant, Appellant) and Bank B. AG (Defendant, Respondent) had a banking customer relationship. Due to market turbulence in August 2018, there were significant fluctuations in the value of the foreign exchange positions held by A. Ltd. at Bank [B. AG], which led to an undercoverage of A. Ltd.'s account. Bank [B. AG] then issued a margin call, which A. Ltd. did not meet. Thereupon, Bank [B. AG] terminated the banking relationship, closed the positions, and debited the resulting negative balance of EUR 17,080,021.86 to A. Ltd.'s current account.
Bank [B. AG] then filed a claim with the Commercial Court of the Canton of Zurich for payment of this negative balance (initial proceedings). The Commercial Court upheld the claim. The judgment remained unchallenged.
Later, A. Ltd. filed a claim against Bank [B. AG] for damages in the amount of EUR 90,003.-, as Bank [B. AG] had unlawfully quoted option prices to it on August 10, 2018, which were not market-compliant/fair. The Commercial Court did not enter into this claim, as the matter had already been finally decided.
Considerations
The Federal Supreme Court states that only the operative part of the initial judgment is subject to res judicata, but not findings on prejudicial legal relationships, ancillary and preliminary issues, and other legal consequences. The alleged claim for damages by A. Ltd. constitutes an independent claim that is not subject to preclusion.
Furthermore, the…