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Julius Baer must pay around 150 mln sfr to Germany - court rules

ZURICH, Sept 25 (Reuters) - Switzerland’s highest court has ordered Julius Baer to pay a total of around 150 million Swiss francs ($162 million) following a claim by the German agency which oversaw the privatisation of East German state assets.

The claim by the Federal Agency for Special Tasks Related to Reunification related to a claim against former Bank Cantrade, which was acquired by Julius Baer in 2005.

The matter is related to unauthorised withdrawals between 1990 and 1992 from a Cantrade account of a foreign trade company established in East Germany.

The payment, which includes interest, is fully covered by a provision Julius Baer booked in December 2019, the Swiss bank said.

$1 = 0.9265 Swiss francs Reporting by John Revill; editing by Thomas Seythal