An appeals court in Zurich has ruled in favour of Swiss private bank Julius Baer in a dispute over assets with a German agency.
“The Zurich Court of Appeal, as the court of second instance, issued its judgment in the case of the Bundesanstalt für vereinigungsbedingte Sonderaufgaben (BvS) versus Julius Baer and ruled in favour of Julius Baer as well,” the Swiss bank said in a statement.
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The dispute stems from Julius Baer’s acquisition of Bank Cantrade in 2005 through its takeover of Bank Ehinger & Armand von Ernst from UBS.
The German agency for special tasks Bundesanstalt fur vereinigungsbedingte Sonderaufgaben (BvS) filed a suit against Julius Baer in September 2014 as the legal successor of Cantrade, seeking CHF97m in addition to accrued interest since 1994.
BvS argued that it should be able to claim for alleged unauthorised withdrawals between 1990 and 1992 from a Cantrade account of a foreign trade company in Germany.
The latest court ruling dismisses these claims but is not yet binding, Julius Baer said.
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