An organisation handling assets of former East Germany, has now filed a claim claim against Switzerland’s Julius Baer for actions of businesses it had acquired nine years ago.

A group called Bundesanstalt für vereinigungsbedingte Sonderaufgaben, or BVS, a German body handling assets of former East Germany, has now filed a claim claim against Switzerland’s Julius Baer for actions of businesses it had acquired nine years ago.  

This publication reported on the previous development in the case on 26 August. (See here.)

Julius Baer said in a statement that after it had received payment orders from BVS for SFr110 million ($120.3 million), plus accrued interest, BVS has now filed a claim with the District Court of Zurich.

BVS claims that the former Bank Cantrade, a business which Julius Baer took over via its acquisition of Bank Ehinger & Armand von Ernst from UBS in 2005, allowed unauthorised withdrawals between 1989 and 1992 from the account of a foreign trade company established by former officials of East Germany.

Julius Baer Bank is contesting the claims, and said it “will take appropriate measures to defend its interests”.