On 8 January 2020, Bank Julius Baer has been served with a renewed claim by the liquidator of a Lithuanian corporation in the amount of €335m plus 5% interest since December 2011.
This time, the court proceeding against the Bank has been initiated in Geneva.
As reported in previous annual reports of Julius Baer Group, the Bank has repeatedly been confronted with a claim by the liquidator of a Lithuanian corporation arguing that about ten years ago the Bank did not prevent two of its clients from embezzling assets of said Lithuanian corporation.
As previously disclosed, the liquidator of said corporation has unsuccessfully sued the Bank for an amount of €306m in Lithuania. The court of last instance definitively rejected its local jurisdiction on 19 October 2018, thereby terminating the litigation against the Bank in Lithuania.
The Bank continues to contest the claim vigorously while taking appropriate measures to defend its interests.
This article was first published by InvestmentEurope, a sister title to International Investment