Julius Baer To Pay Germany More Than $160 Million
Swiss Bank Julius Baer said it must pay about 150 million Swiss francs (more than $160 million) in a lawsuit filed by the German Agency that oversaw the privatization of state assets in East Germany.
According to the Swiss Bank, the Federal Agency's claim for special tasks related to reunification related to the claim against Bank Cantrade, which Julius Baer acquired in 2005. As explained, the case is related to the unauthorized withdrawal of funds from 1990 to 1992 from the account of Cantrade, a foreign trading company established in The German Democratic Republic.
"The Swiss Federal Supreme court issued a final decision on the claim of the Federal Agency for special tasks of Association (BvS), according to which Bank Julius Baer & Co. Ltd. as the legal successor, Bank Cantrade Ltd. must pay the full amount — about 150 million Swiss francs (including accrued interest)," the Bank said on Friday.
As noted in Julius Baer, this amount is fully covered by the corresponding reserve created in December 2019.
The Swiss Federal Supreme Court has rendered the final decision related to the claim by the Bundesanstalt für vereinigungsbedingte Sonderaufgaben (BvS), according to which Bank Julius Baer & Co. Ltd., as successor of Bank Cantrade Ltd., has to pay a total amount of approx. CHF 150 million (including accrued interest). This amount is fully covered by a corresponding provision booked in December 2019.