Leonteq has 'fully' rejected any claims from Old Mutual International (OMI) in relation to the legal action against the Swiss firm and related parties for making false statements as to levels of commission paid to advisers on Leonteq structured products.

Leonteq said in a statement that it "fully rejects any claims in this matter and will rigorously defend its position, before the appropriate court".

The Swiss structured products firm was informed by OMI by way of informal letter that the financial planning and advisory firm had filed a claim form with the High Court of the Isle of Man against Leonteq and other parties in relation to certain structured product transactions and related fees and commissions.

'At this point in time, neither the claim form nor any particulars of the alleged claim have been served on Leonteq,' stated the Swiss firm, noting that the filing of a claim form is the initial procedural step to commence court proceedings in the Isle of Man.

According to Leonteq, while it has not yet been legally served, it has informally received the copy of the claim form from OMI which 'contains a brief description of the alleged claim' but 'does not provide any meaningful information as to the legal grounds on which the claim is being advanced or the precise remedies sought' by OMI.

The announcement from the Swiss firm was issued because it 'became aware that information has selectively been released by third parties to certain media that a claim has been filed,' according to Leonteq.

On Wednesday, April 11, OMI which is part of Old Mutual Wealth, began legal proceedings against Leonteq Securities claiming false statements by the Swiss firm as to levels of commission paid to advisers on Leonteq structured products. OMI declined to provide details of any specific products given it is a legal case.

Additionally, a Leonteq spokesperson declined to confirm or deny media reports suggesting that the new chief executive Lukas Ruflin (pictured) - following the ousting of fromer chief Jan Schoch - is in talks with former Leonteq founder and managing director of fintech firm Evolute, Michael Hartweg, regarding a potential purchase of an equity stake.

"We have taken note of this article [but] we do not comment on market rumors," stated the spokesperson.

Hartweg co-founded EFG Financial Products (later renamed to Leonteq) with Schoch in 2012 and held a number of roles including head of structured solutions and deputy CEO. A former derivatives trader at Commerzbank and Goldman Sachs, Hartweg parted ways with Leonteq in the summer of 2015 after a two-year stint as head of the firm's new white-labelling and platform development division launched in 2014.

Related stories:
Old Mutual files suit against Leonteq for 'false statements' on commissions

Leonteq back on track, completes turnaround

Leonteq returns to profitability, shifts from OTC to listed to reduce counterparty exposure

Old Mutual presents initiative for structured products standards