Bank Julius Baer & Co. Ltd. resolves and closes a legacy litigation matter with a settlement in the amount of EUR 105 million. The underlying facts of the dispute date back more than ten years. Approximately half of the settlement amount is covered by pre-existing provisions.
Zurich, 1 July 2022 – On 30 June 2022, Bank Julius Baer & Co. Ltd. resolved a claim by the liquidator of a Lithuanian corporation filed with the first instance court in Geneva in 2019. The claim was for a total amount in dispute of EUR 335 million plus 5% interest per annum since December 2011. It related to the alleged use of the financial system for the embezzlement of assets at a Lithuanian corporation by two of its executives – matters dating back more than ten years.
Julius Baer will cover approximately half of the settlement of EUR 105 million with existing provisions. The remainder will be charged against the 2022 first half-year financial results.
Julius Baer welcomes the resolution of this dispute, which marks a further significant step in the Group’s process of resolving legacy matters and continuously enhancing its risk profile.