SUCCESSFUL GROUP ACTION AGAINST A SWISS BANK FOR MONEY LAUNDERING23 June 2021 By Nicolas Ollivier, Grégoire Geissbühler, Anton Vallélian
A recent group action in the Geneva Appeal Court was successful in claiming damages against a Swiss bank on the basis of a money laundering offence committed within the bank. Forty parties were involved in the group action. In a judgement dated 1 September 2020 and published early 2021, the Geneva Civil Court of Justice (Appeal Court) quashed the Geneva First Instance Court decision and found for 40 aggrieved parties. This exceptional judgement deserves a closer look.
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