Thirty years after the Berlin Wall fell, private bank Julius Baer is still fight...
) is still fighting German government efforts to recover hundreds of millions in East German cash that vanished via Swiss accounts after the communist state collapsed.
Julius Baer said late on Wednesday it had set aside 153 million Swiss francs to fight the case, but vowed to appeal a Zurich court’s ruling this week that withdrawals dating back nearly three decades that the German government contends were illegal, should be returned. Julius Baer was swept up in the case because it bought Zurich-based Bank Cantrade from UBS in 2005, which the German government contends allowed unauthorized withdrawals from Novum accounts between 1989 and 1992.
In 2013, UniCredit's Bank Austria took a profit hit after the German government demanded 254 million euros that Steindling was alleged to have moved via Novum accounts at a Swiss subsidiary. [In the ongoing Swiss case, the Zurich Court of Appeals originally sided with Julius Baer in 2018, but reconsidered its verdict this year when the Swiss Federal Supreme Court sent it back to be reheard.
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