The Swiss private bank confirmed in a statement that two of its former clients had issued a writ of summons which had been filed in the High Court of Singapore.
The bank added that this information had already been relayed to stakeholders in its half year report, released in June.
According to the bank, the writ – which was eventually served to the bank last Wednesday – named its Singapore branch and a former relationship manager as the plaintiffs, with the claim amounting to S$94m and $HK186m.
The bank stated that the plaintiffs claim they suffered damages/losses due to: “Alleged breach of fiduciary duties; alleged breach of duty of care and/or warranty; alleged breach of contractual and common law duties of skill and care and/or warranty and alleged misrepresentations (whether fraudulently or negligently made).”
Julius Baer is in the process of integrating the Hong Kong and Singapore-based portion of Merrill Lynch International’s wealth management business into its existing entities in a move which is expected to double the bank’s assets under management in Asia, following its acquisition of the business in August last year.
