London Appeal Court Upholds Ruling Vs LLB Verwaltung (Switzerland)

Tom Burroughes

12 April 2019

Liechtensteinische Landesbank has lost an appeal in the High Court of Justice in London in a case involving the wrongdoings by a former employee.

“The Court of Appeal upholds essential points of the judgment in the trial court, the High Court of Justice in London, against LLB Verwaltung Ltd,” the bank said in a statement yesterday.

At the start of start of October 2017, the trial court found that there were wrongdoings by a former employee and that LLB Verwaltung Ltd is also liable for the wrongdoings and loss caused by the ex-employee.

LLB Verwaltung Ltd, which used to be called Liechtensteinische Landesbank Ltd, was sued. The payments made in this case were already charged to administrative expenses in 2017, the bank had said in December 2017.

“The Court of Appeal has now upheld essential points of the judgment of the High Court of Justice. The additional costs for the proceedings so far in the amount of an estimated SFr4.3 million will be charged to administrative expenses. LLB Verwaltung Ltd is asserting its claim for insurance,” the bank’s statement added.