FRANKFURT (dpa-AFX) - Bank Julius Baer & Co. Ltd. (JBARF.PK, JBAXY.PK), a Swiss private lender, said on Friday that it has resolved and closed a decade-old legacy litigation matter with a settlement sum of 105 million euros.
Julius Baer noted that it will cover around 50 percent of the settlement sum by pre-existing provisions and the remainder will be charged against the 2022 first half-year financial results.
Commenting on the case, the company said: 'Julius Baer welcomes the resolution of this dispute, which marks a further significant step in the Group's process of resolving legacy matters and continuously enhancing its risk profile.'
In 2019, the claim of a liquidator of a Lithuanian corporation was filed with the first instance court in Geneva for a total amount in dispute of 335 million euros and five percent interest per year since December 2011.
The case was related to an alleged use of the financial system for the embezzlement of assets at a Lithuanian corporation by two of its executives.
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