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Zurich, 10 February 2017 – As earlier reported in the annual reports of Julius Baer Group Ltd., Bank Julius Baer & Co. Ltd. (‘the Bank’) is confronted with a claim by the liquidator of a foreign corporation arguing that the Bank did not prevent two of its clients from embezzling assets of said foreign corporation. As previously disclosed, in 2013 the liquidator had filed a payment order (‘Betreibungsbegehren’) against the Bank in the amount of CHF 422 million. In this context, the Bank has now been served with a claim from said corporation in liquidation in the amount of EUR 306 million. The court proceeding against the Bank has been initiated in the plaintiff’s country of domicile in the European Union.
The Bank continues to contest the claim vigorously whilst taking further appropriate measures to defend its interests.
As this is a pending legal proceeding, no further information can be provided at this stage.