Two former clients have filed a lawsuit against of Swiss private bank Julius Baer in Singapore over an alleged breach of fiduciary duties and misrepresentation by the bank.
The clients are seeking damages of S$94 million (US$75 million) and HK$186 million (US$24 million) plus interests and costs stems from Julius Baer and a former relationship manager at the bank.
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The dispute relates to losses allegedly incurred by the plaintiffs arising from share accumulator transactions in 2007 and 2008.
The defendants claimed that Julius Baer breached its contractual and common law duties of skill and care.
The Swiss bank said it is vigorously contesting the claim and taking appropriate measures to defend its interests.
On 22 July 2013 Julius Baer has disclosed in its half-year report 2013 that on 12 June 2013 a writ of summons had been filed in the High Court of Singapore naming Bank Julius Baer Singapore branch and a former relationship manager as defendants by the plaintiffs, two former clients of the Bank.
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By GlobalDataOn 25 September 2013, the Writ was served on the Bank together with a statement of claim.
