Legal
Lithuanian-Based Court Claim Renewed Vs Julius Baer

The bank says it will vigorously contest the claims and act to defend itself. As reported here a few weeks ago, it also is fighting a case stemming from former East Germany.
Julius Baer
yesterday said that liquidators of a Lithuanian corporation have
renewed a claim of €335 million ($371.8 million) plus 5 per cent
interest since December 2011, initiating this new case 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,” the
Zurich-based bank said in a statement.
As previously disclosed, the liquidator of the Lithuanian
corporation has unsuccessfully sued Julius Baer for €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 said that it continues to vigorously contest the claims
and will take necessary measures to defend itself.
As reported late last year, a case stemming from former
East Germany is vexing the Swiss bank. A senior Swiss court
in early December 2019 affirmed a SFr97 million (about $98
million) claim linked to former East Germany against Julius Baer.