Julius Baer has settled a case filed to a Geneva court in relation a Lithuanian corporation for €105m, it said in a statement today (1 July).
The underlying facts of the dispute date back more than ten years, the Swiss-based international banking group said.
Approximately half of the settlement amount is covered by pre-existing provisions.
"The claim was for a total amount in dispute of €335m plus 5% interest per annum since December 2011.
"It related to the alleged use of the financial system for the embezzlement of assets at a Lithuanian corporation by two of its executives - matters dating back more than ten years," the bank said.
Julius Baer further said it will cover approximately half of the settlement of €105m with existing provisions. The remainder will be charged against the 2022 first half-year financial results.
"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", it said.
