Julius Baer served with 306 mln euro claim in embezzlement case
Julius Baer has been served with a €306m claim that it did not stop two of its clients from embezzling a foreign company that is currently undergoing liquidation. Baer is refuting the claim and will be taking measures to defend itself. Baer’s 2013 annual report disclosed that the company’s liquidator had given the bank a €12m draft complaint, filing a payment order for the sum of €422m plus interest.

ZURICH, Feb 10 (Reuters) - Swiss private bank Julius Baer (LSE: 0QO6.L - news) said on Friday that it has been served with a 306 million euro ($325.9 million) claim that contends it did not prevent two clients from embezzling assets from a foreign corporation that is now being liquidated.

Baer is contesting the claim and taking what it called "further appropriate measures" to defend its interests, it said in a statement.

In its 2013 annual report, Baer had disclosed the foreign corporation's liquidator had presented the private bank with a draft 12 million euro complaint and had filed a a payment order for 422 million euros, plus accrued interest from 2009.

It does not name the corporation or country where the claim originated.

($1 = 0.9389 euros) (Reporting by John Miller)