ZURICH – 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)
(Reporting by Brenna Hughes Neghaiwi, Editing by Miranda Murray)