Slap in front of federal court – Julius Baer loses in dispute over GDR assets – News – SRF
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In the legal dispute over the GDR’s lost assets, Julius Baer also went awry in front of the federal court.
The bank has finally been sentenced to a payment of around 150 million francs.
The amount is covered by a provision.
Specifically, the highest Swiss court has upheld a lawsuit by the German Federal Agency for Unification-Related Special Tasks (BvS) against Julius Baer for an amount of around 97 million francs plus interest since 2009, the company said.
For years, the BvS has been trying to locate and recover funds that were set aside by members of the GDR unity party SED during the fall of the Berlin Wall. In its complaint, the BvS alleged that Julius Baer, as the successor to the former Bank Cantrade, had made improper withdrawals and transfers from the account of an East German company.
Julius Baer took over Bank Cantrade from UBS in 2005 as part of the acquisition of Bank Ehinger & Armand de Ernst. Bear will now claim the amount from UBS, the bank said.
SRF 4 News, 09.25.2020, 8 pm; sda / spic; hesa
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