Julius Baer settles Lithuanian assets embezzlement case in Geneva for €105m  

Mark Battersby
clock • 1 min read

Julius Baer has settled a case filed to a Geneva court in relation a Lithuanian corporation for €105m, it said in a statement today (1 July).  The underlying facts of the dispute date back more than ten years, the Swiss-based international banking group said.   Approximately half of the settlement amount is covered by pre-existing provisions. "The claim was for a total amount in dispute of €335m 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 executive...

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