Julius Baer settles Lithuanian-linked case for 105 million euros

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The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. REUTERS/Arnd Wiegmann/File Photo

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ZURICH, July 1 (Reuters) - Julius Baer (BAER.S) has settled a case filed to a Geneva court in relation a Lithuanian corporation for 105 million euros ($109.79 million), the Swiss wealth manager said on Friday.

"(The claim) related to the alleged use of the financial system for the embezzlement of assets at a Lithuanian corporation by two of its executives – matters dating back more than ten years," Julius Baer said in a statement.

"Julius Baer will cover approximately half of the settlement of EUR 105 million with existing provisions. The remainder will be charged against the 2022 first half-year financial results."

($1 = 0.9564 euros)

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Reporting by Brenna Hughes Neghaiwi, Editing by Miranda Murray

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