Julius Baer ordered to repay CHF153m by Swiss court

The Zurich Court of Appeal has departed from its previous decision and affirmed the claim by the Bundesanstalt für vereinigungsbedingte Sonderaufgaben (BvS) against Julius Baer as successor of Bank Cantrade in an amount of approx. CHF97m plus accrued interests since 2009 following an earlier decision by the Swiss Federal Supreme Court requiring it to reassess the case. As a consequence, Julius Baer will preventatively book a provision in the amount of CHF153m. However, Julius Baer will appeal the case to the Swiss Federal Supreme Court and claim any finally awarded amount from UBS AG ...