智通财经2月12日讯（编辑 杨斌）信托产品暴雷，代销银行究竟该承担多少赔偿责任？近日，光大银行 违规代销信托产品的一个案例宣判。案例中，投资者斥资300万元认购该行推介的煤炭产业信托，本金 亏损超136万元，法院判决银行承担20%的损失，赔偿27万余元。随着信托刚性兑付被打破及监管持续 趋严，代销机构的责任边界正通过一系列司法判决得以清晰勾勒。 300万信托本金亏损136万，法院判决银行赔偿20%的损失 上海金融法院民事判决书【（2025）沪74民终1080号】显示，耿某在某银行市东支行处经工作人员推 荐，认购《某信托·煤炭资源产业投资基金3号集合资金信托计划》，签署认购风险申明书。同日，耿某 向某国际信托公司汇款300万元，附言："耿某认购长安楼俊项目"。 某国际信托公司合计向耿某分配信托收益28.5万元，分配信托本金163.74万元，耿某投入的煤炭产业信 托的本金亏损超过136万元。耿某一审向法院提出诉讼请求：判令某银行市东支行赔偿耿某投资本金损 失140余万元，以及投资收益、诉讼费等费用。 一审法院酌情认定某银行市东支行应承担耿某投资本金损失20%的赔偿责任，某银行市东支行应于判决 生效之日起十日内向耿 ...

Core Viewpoint - The recent court ruling clarifies the liability boundaries of banks selling trust products, indicating that banks must share responsibility for investors' losses due to inadequate risk warnings and failure to fulfill suitability obligations [1][2]. Group 1: Legal Implications - The court found that the bank failed to conduct a proper assessment of the investor's risk tolerance and did not provide sufficient risk warnings during the sales process, leading to a ruling that the bank must bear joint liability for 8% of the investor's losses [2]. - Multiple cases have emerged where banks were held accountable for not adequately fulfilling their suitability obligations, reflecting a trend in judicial practice that emphasizes the importance of these responsibilities [2][3]. Group 2: Industry Transformation - The nature of bank trust product sales is shifting from being viewed as low-risk "channel business" to a more specialized service that includes substantive reviews and full-process management [1][3]. - The breaking of implicit guarantees in trust products has led to a re-evaluation of the responsibilities of banks, pushing them towards a model that emphasizes professional service and risk management [3][4]. Group 3: Regulatory Changes - New regulations, such as the "Commercial Bank Agency Sales Business Management Measures," set to take effect in October 2025, impose stricter requirements on banks regarding the sale of non-standard assets and private investment funds [6][7]. - These regulations aim to enhance the suitability obligations and proactive management responsibilities of banks, requiring comprehensive evaluations and ongoing monitoring of product risks [7]. Group 4: Market Dynamics - The decline in deposit rates is driving a shift in asset allocation towards more diversified yield-generating products, creating opportunities for trust companies to develop family trusts and service trusts [4][5]. - The need for transparency and effective communication with investors is becoming increasingly critical, as investors demand clear information about product risks and performance [5][6].