GENEVA (AP) — Swiss bank Julius Baer says it is facing a claim of 306 million euros ($325 million) for allegedly not preventing the embezzlement of assets from a foreign corporation.
The bank said the liquidator of the unspecified corporation has filed the claim in an unspecified European Union country.
Julius Baer Group Ltd. has previously cited the liquidator's unspecified claim arguing that the bank didn't prevent two clients from embezzling from the corporation.
Its 2015 annual report said the liquidator two years earlier filed a draft complaint for 12 million euros and filed a payment order of 422 million Swiss francs ($420 million), but the bank had "formally repelled" it and was taking defensive measures.
A bank spokesman did not immediately respond to an e-mail from The Associated Press seeking comment.