The Zurich-based private bank has settled a litigation case related to Snoras Bank, which was nationalized after going bankrupt over a decade ago.
Bank Julius Baer has settled with the administrator of defunct Lithuanian Snoros for 105 million euros ($109.5 million) in a Genevan court, it said in an emailed statement Friday. The claimant had originally asked for 335 million euros plus 5 percent interest since December 2011.
The case relates to former Snoras owners and Julius Baer clients, Vladimir Antonov and Raymond Baranauskasin, who are accused of defrauding the baltic bank of 565 million euros.
Without Jurisdiction
Julius Baer has repeatedly denied any involvement in the matter involving its former clients, but Snoros' administrator accused the Zurich-based private bank of not doing enough to prevent assets from being embezzled.
As finews.asia previously reported, the bank's administrator filed a lawsuit against Julius Baer in Geneva in 2018 after a Lithuanian court declared itself without jurisdiction.
Julius Baer will cover approximately half of the settlement with existing provisions. The remainder will be charged against the 2022 first half-year financial results, it said.
