Switzerland’s Julius Baer vowed late last week to vigorously fight S$94 million and HK$186 (a total of around $98.9 million) claims by two former clients of the bank in Singapore.

The Zurich-listed bank disclosed in its half-year report that a writ of summons had been filed in the High Court of Singapore naming the bank and a former relationship manager as defendants by the plaintiffs. The writ was served on 25 September, it said in a statement.

The claim stems from a dispute regarding alleged damages/losses that the plaintiffs claim were caused by share accumulator transactions in 2007 and 2008, Julius Baer said.

The former clients – whom were not identified by name in the statement – claim “they suffered damages/losses due to (i) alleged breach of fiduciary duties, (ii) alleged breach of duty of care and/or warranty, (iii) alleged breach of contractual and common law duties of skill and care and/or warranty and/or (iv) alleged misrepresentations (whether fraudulently or negligently made)”, the statement said.

“Julius Baer is vigorously contesting the claim and taking appropriate measures to defend its interests,” it said.