Bank Julius Baer Singapore served with a Writ – contesting the claim vigorously Freitag, 27. September 2013 - 17:30

On 22 July 2013 Julius Baer Group Ltd disclosed in its Half-year Report 2013 that on 12 June 2013 a writ of summons (together with a statement of claim) (the ‘Writ’) had been filed in the High Court of Singapore naming Bank Julius Baer & Co Ltd. Singapore branch (‘the Bank’) and a former relationship manager, respectively, as defendants by the plaintiffs, two former clients of the Bank. At that point in time the Writ had not been served on the Bank. On 25 September 2013, the Writ was served on the Bank together with a statement of claim.

The plaintiffs’ claim amounting to about SGD 94 million and HKD 186 million (further or alternatively, damages to be assessed by the court) plus interests and costs stems from a dispute over alleged damages/losses allegedly incurred by the plaintiffs arising from share accumulator transactions in 2007 and 2008. Based on the document called the statement of claim (Amendment No. 1), the plaintiffs 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).

Julius Baer is vigorously contesting the claim and taking appropriate measures to defend its interests.