Germany has sued Swiss private bank Julius Baer to recover funds worth EUR135 million that went missing during the reunification of East and West Germany.
The suit has been launched in Zurich by BvS, an agency tasked with recovering and managing the communist-era funds.
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The lawsuit alleges that from 1989 to 1992 a businesswoman acting for an East German trading company was allowed to make unauthorized withdrawals from Bank Cantrade, which Julius Baer acquired from UBS in 2005.
However, Julius Baer rejected the claim saying UBS should answer the accusations.
A spokesman for UBS declined to comment.
Since East and West Germany were reunified in 1990, the country has launched dozens of lawsuits in various jurisdictions to try to recover money stashed by the former regime.
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By GlobalDataIn a related case, the BvS agency has already recovered about EUR252 million from Swiss private bank AKB.
