Zurich, 9 January 2020 – On 8 January 2020, Bank Julius Baer & Co. Ltd. (the Bank) has been served with a renewed claim by the liquidator of a Lithuanian corporation in the amount of EUR 335 million 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 Ltd., 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 EUR 306 million 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.
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Julius Baer is the leading Swiss wealth management group and a premium brand in this global sector, with a focus on servicing and advising sophisticated private clients. At the end of October 2019, assets under management amounted to CHF 422 billion. Bank Julius Baer & Co. Ltd., the renowned Swiss private bank with origins dating back to 1890, is the principal operating company of Julius Baer Group Ltd., whose shares are listed on the SIX Swiss Exchange (ticker symbol: BAER) and are included in the Swiss Leader Index (SLI), comprising the 30 largest and most liquid Swiss stocks.
Julius Baer is present in over 25 countries and more than 60 locations. Headquartered in Zurich, we have offices in key locations including Dubai, Frankfurt, Geneva, Hong Kong, London, Luxembourg, Mexico City, Milan, Monaco, Montevideo, Moscow, Mumbai, São Paulo, Singapore and Tokyo. Our client-centric approach, our objective advice based on the Julius Baer open product platform, our solid financial base and our entrepreneurial management culture make us the international reference in wealth management.
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