The High Court of the Canton of Zurich ruled that asset managers are obliged to pass-on to their clients distribution fees received from providers of investment funds or structured products based on respective placement agreements if such fees are paid on the basis of the volume of units placed with the asset manager’s clients and if the clients did not validly waive their entitlements to such retrocessions. The bank adjudged to pass-on the retrocessions to its asset management client appealed to the Federal Supreme Court.

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