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Swiss court dismisses CHF97M German claim against Julius Bär

The District Court of Zurich on Dec. 7 dismissed a case for claims filed by German authorities against Julius Bär Gruppe AG in 2014, the German bank said Dec. 9.

The case for claims amounting to more than CHF97 million was filed in September 2014 by Bundesanstalt für vereinigungsbedingte Sonderaufgaben — the German authority responsible for managing assets of the former German Democratic Republic — to recover funds that went missing from Bank Cantrade Ltd., which became a part of Julius Bär unit Bank Julius Baer & Co. Ltd. after it acquired Bank Ehinger & Armand von Ernst AG from UBS Group AG in 2005.

The German authority alleged that Bank Cantrade allowed unauthorized withdrawals between 1990 and 1992 from the account of a foreign trade company established by officials of the German Democratic Republic.

The judgment is not legally binding yet, Julius Bär Gruppe said.