Julius Baer sued for €306 mln in embezzlement case

The Swiss private bank Julius Baer Group said Friday that an unnamed bankrupt European company has sued for €306 million ($326 million) after years of making demands on the bank for not doing enough to prevent two of its account holders from embezzling the company’s assets. 

Baer is contesting the claim and taking what it called "further appropriate measures" to defend its interests, it said in a statement.

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.