A Zurich court has upheld a decision in favor of Julius Baer in a dispute over assets following the collapse of eastern Germany in 1989.
An appeals court in Zurich backed Julius Baer in a dispute with a German agency attempting to root out assets that went missing following the collapse of eastern Germany nearly 30 years ago, the bank said in a statement on Tuesday.
The affair goes back to 2005, when the Swiss private bank bought what was formerly Bank Cantrade from UBS. In 2014, a German agency lodged a complaint against Julius Baer as the legal owner of Cantrade over 97 million Swiss francs ($99.3 million), plus interest since 1994.
The court ruling, which hasn't entered force yet, upholds a municipal court ruling in December 2016. The German agency, whose name roughly translates to Federal Agency for Special Tasks, was appointed as the body responsible for claiming unauthorized withdrawals from a former Cantrade subsidiary in eastern Germany between 1990 and 1992.
