The leading decisions of the Swiss Federal Supreme Court on restitution of retrocessions are well known (cf. notably 137 III 393 and 4A_355/2019).
They have in particular clarified the following points:
- Firstly, the fact that the retrocessions must be returned in the case of an asset management mandate pursuant to Art. 400 of the Swiss Code of Obligations (CO).
- Secondly, the fact that a waiver of such restitution may be effective, but only subject to rather strict conditions.
