The Practice was Banned in 2012, But Many Investors Still Have Not Filed a Claim

Commissions Pocketed By Swiss BanksIn 2012, the Federal Supreme Court of Switzerland banned banks — including UBS Financial Services, Credit Suisse, Julius Baer Group, the Pictet Group, etc —  from retaining certain commissions from investors.

While the ruling allowed many investors to reclaim commissions, surprisingly few have actually done so thus far. As reported by the Financial Times, time is now running out on investors who have still not filed a claim to recover commissions and fees.

The Deadline Varies: Ten Years from the Date of the Commission Payment

Under the decision from Switzerland’s highest court, affected investors have ten years to submit a claim to recover commissions and fees that were improperly taken by investment banks. The ten-year clock starts running on the date that the commission was paid. In other words, investors who paid these commissions in 2009 will run out of time this year.

Commissions Were Substantial

Based on estimates cited by the Financial Times, there may be as much as $15 billion (USD) that has still gone unclaimed. If you are a Swiss national or international investor who invested a significant amount of money with a Swiss bank from 2009 to 2012, it is imperative that you speak with an experienced attorney immediately.

Jeffrey R. Sonn is an experienced securities fraud attorney. If you suffered losses because your broker or brokerage firm took illegitimate commissions or fees, Mr. Sonn is prepared to help. To set up a free, strictly confidential review of your legal claim, please do not hesitate to contact the Sonn Law Group today.

Sonn Law Group is investigating claims regarding Joel Eziekel Blum (CRD #4905379, Goshen, New York). Blum recently submitted an AWC in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for 20 days. See FINRA Case #2014040186601. Blum was associated with Merrill Lynch from May 2008 until his termination in February 2014. Blum has been associated with Ameriprise Financial Services, Inc., since February 2014. The Form U-5 filed by Merrill Lynch to terminate Blum's registration states that he was discharged for "conduct including failure to contact clients in advance of entering orders in non-discretionary accounts and mismarking order tickets as unsolicited." FINRA found that Blum executed discretionary transactions in customer accounts without written authorization to do so. In addition, Blum mismarked order tickets in connection with these transactions, inaccurately indicating that the trades were unsolicited, according to FINRA. In entering into the AWC, Blum neither admitted or denied FINRA's findings. Pursuant to FINRA Rules, member firms are responsible for supervising a broker's activities during the time the broker is registered with the firm. Therefore, Ameriprise or Merrill Lynch may be liable for investment or other losses suffered by Blum's customers. If you were a client of Ameriprise, Merrill Lynch, or Blum, and have suffered investment losses or financial irregularities, please contact Sonn Law Group to explore your legal options. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 844-689-5754 or complete our "contact form."
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