A lawsuit brought against the bank by plaintiffs three years ago in Singapore has been dismissed by a court.

Claims against Julius Baer around alleged damages and losses linked to so-called share accumulator transactions, totalling around $93 million, have been dismissed by the High Court of Singapore by consent.

In September 2013 the Zurich-listed bank said it a writ of summons had been filed in the High Court of Singapore naming Bank Julius Baer & Co Ltd Singapore branch as one of the defendants with an underlying claim amounting to about S$94 million and $186 million (totalling around $93 million) plus interest and costs stemming from a dispute over damages/losses allegedly incurred by the plaintiffs arising from share accumulator transactions in 2007 and 2008. 

“The plaintiffs’ case has, by consent, been dismissed with costs by the High Court of Singapore and concluded for the bank,” it said.

The plaintiffs claimed they suffered damages and losses allegedly incurred from share accumulator transactions in 2007 and 2008. 

The dismissal of the case will be welcome news for a bank that has called Asia its second home market and expanded significantly in the region during recent years.