Facts
The case concerns a dispute between a client, X., and a bank, Y. AG, regarding losses suffered by the client following stock exchange transactions. The client had opened an account with the bank in 1998 and had invested in shares. The bank had provided the client with information on the risks associated with these investments. However, the client suffered significant losses in 2001 due to the market downturn.
The client brought an action against the bank, alleging that it had failed in its duty to inform and advise. The bank contested these allegations, arguing that it had provided the client with the necessary information on the risks associated with the investments.
The cantonal court dismissed the client's claim, considering that the bank had respected its duty to inform and advise. The client appealed to the Federal Court, which confirmed the decision of the cantonal court.
Considerations
The Federal Court considered that the bank had respected its duty to inform under Article 11 of the Stock Exchange Act (SESTA), which requires securities dealers to inform their clients about the risks associated with certain transactions. The bank had provided the client with information on the risks associated with share investments, which was sufficient to respect its duty to inform.
The Federal Court also considered that the bank had not failed in its duty to advise. The bank…