Facts
In 1973, Rheintalische Gas-Gesellschaft AG issued a bond loan of 4 million Swiss francs, with the Cantonal Bank of St. Gallen as the lead manager. In 1978, the company requested a composition moratorium, which was judicially approved in 1979. In 1983, the community of bondholders mandated a representative to bring an action for liability related to the prospectus against the Cantonal Bank of St. Gallen.Considerations
The Federal Tribunal considers that the creditors' community does not have standing to bring an action for liability related to the prospectus against the issuing bank. Although the creditors' community has certain powers provided by law to preserve the common interests of the bondholders, particularly in the event of a difficult situation for the debtor, these powers are limited to the bond loan relationship. Liability related to the prospectus involves direct damage…