February 10, 2017 / 6:34 AM / a year ago

Julius Baer served with 306 million euro claim in embezzlement case

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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