Julius Baer settles Lithuanian-linked case for 105 million eur By Reuters

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Julius Baer settles Lithuanian-linked case for 105 million eur

Published Jul 01, 2022 01:18AM ET Updated Jul 01, 2022 01:30AM ET

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Julius Baer settles Lithuanian-linked case for 105 million eur

ZURICH (Reuters) - Julius Baer has settled a case filed to a Geneva court in relation a Lithuanian corporation for 105 million euros ($109.79 million), the Swiss wealth manager said on Friday.

"(The claim) related to the alleged use of the financial system for the embezzlement of assets at a Lithuanian corporation by two of its executives – matters dating back more than ten years," Julius Baer said in a statement.

"Julius Baer will cover approximately half of the settlement of EUR 105 million with existing provisions. The remainder will be charged against the 2022 first half-year financial results."

($1 = 0.9564 euros)

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