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Julius Baer served with 306 million euro claim in embezzlement case
February 10, 2017 / 6:34 AM / in 8 months

Julius Baer served with 306 million euro claim in embezzlement case

The logo of Swiss private bank Julius Baer is seen at the bank's headquarters in Zurich, Switzerland February 1, 2017. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Swiss private bank Julius Baer (BAER.S) said on Friday that it has been served with a 306 million euro (260.74 million pounds) claim that contends it did not prevent two clients from embezzling assets from a foreign corporation that is now being liquidated.

Baer is contesting the claim and taking what it called “further appropriate measures” to defend its interests, it said in a statement.

In its 2013 annual report, Baer had disclosed the foreign corporation’s liquidator had presented the private bank with a draft 12 million euro complaint and had filed a a payment order for 422 million euros, plus accrued interest from 2009.

It does not name the corporation or country where the claim originated.

($1 = 0.9389 euros)

Reporting by John Miller

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