Julius Baer must pay around 150 million sfr to Germany: court rules

ZURICH (Reuters) – Switzerland’s highest court has ordered Julius Baer to pay a total of around 150 million Swiss francs ($162 million) following a claim by the German agency which oversaw the privatisation of East German state assets.

The claim by the Federal Agency for Special Tasks Related to Reunification related to a claim against former Bank Cantrade, which was acquired by Julius Baer in 2005.

The matter is related to unauthorised withdrawals between 1990 and 1992 from a Cantrade account of a foreign trade company established in East Germany.

The payment, which includes interest, is fully covered by a provision Julius Baer booked in December 2019, the Swiss bank said.

(Reporting by John Revill; editing by Thomas Seythal)