Philipp Fischer comments on the Court of Cassation ruling on European consumer claims and its implications for Swiss-based financial service providers

The First Civil Chamber of the French Court of Cassation recently handed down ruling no. 23-13.732, which addresses the notion of “activity directed towards a Member State” within the meaning of Art. 17 (1) (c) of the Brussels I bis Regulation in the context of banking services rendered by a Lebanese bank to a customer resident in France. This decision confirms that EU-based clients who benefit from the “consumer” status may bring their claims before the courts of their place of residence if the bank has directed its activities to that State.

Philipp Fischer shares some thoughts on the legal implications of this development for Swiss-based financial services providers in a commentary published by the Centre de droit bancaire et financier(Center for Banking and Finance Law of the University of Geneva):

French original:https://cdbf.ch/1386/
English translation:https://cdbf.ch/en/1386/
German translation:https://cdbf.ch/de/1386/