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The Zurich District Court, as the court of first instance, has issued its judgment in the case of the Bundesanstalt für vereinigungsbedingte Sonderaufgaben (BvS) versus Bank Julius Baer & Co. Ltd. and ruled in favour of Julius Baer. Julius Baer has always contested the claims of the BvS. The ruling is not yet legally binding.
Zurich, 9 December 2016 – In 2005, Julius Baer acquired former Bank Cantrade Ltd. (Cantrade) through the acquisition of Bank Ehinger & Armand von Ernst Ltd. from UBS AG.
As previously disclosed, in September 2014 the BvS initiated legal proceedings in Zurich against Julius Baer as successor of former Cantrade for an amount of CHF 97 million plus accrued interests since 1994. BvS argues to be the competent German authority to claim alleged unauthorised withdrawals between 1990 and 1992 from a Cantrade account of a foreign trade company established in the former German Democratic Republic (GDR).
The Zurich District Court ruled on 7 December 2016 in favour of Julius Baer and dismissed all claims. Julius Baer has always contested the claims of the BvS. The ruling of the first instance is not yet legally binding.
The claims of the BvS were notified to the seller under the 2005 transaction agreement with regard to representations and warranties granted in respect of the acquired entities.