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Julius Baer served with 306 mln euro claim in embezzlement case
February 10, 2017 / 6:21 AM / 10 months ago

Julius Baer served with 306 mln euro claim in embezzlement case

ZURICH, Feb 10 (Reuters) - Swiss private bank Julius Baer said on Friday that it has been served with a 306 million euro ($325.9 million) claim that contends it did not prevent two clients from embezzling assets from a foreign corporation that is now being liquidated.

Baer is contesting the claim and taking what it called “further appropriate measures” to defend its interests, it said in a statement.

In its 2013 annual report, Baer had disclosed the foreign corporation’s liquidator had presented the private bank with a draft 12 million euro complaint and had filed a a payment order for 422 million euros, plus accrued interest from 2009.

It does not name the corporation or country where the claim originated.

$1 = 0.9389 euros Reporting by John Miller

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