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Julius Bär faces €335M new claims from liquidator of Lithuanian corporation

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Julius Bär faces €335M new claims from liquidator of Lithuanian corporation

Julius Bär Gruppe AG is facing a new claim of €335 million plus 5% interest since December 2011 from the liquidator of a Lithuanian corporation.

The liquidator has repeatedly accused Julius Bär of failing to prevent two of its clients from laundering assets of the unnamed Lithuanian organization about 10 years ago, an allegation that the Swiss private banking group continues to contest "vigorously."

Julius Bär noted that the liquidator unsuccessfully tried to sue the lender for €306 million in Lithuania, but the local court dismissed the case Oct. 19, 2018. The new court proceeding has been launched in Geneva, the group said Jan. 9.

The lender added it will take appropriate measures to defend its interests regarding the matter.