The Zurich-listed bank disclosed in its half-year report that a writ of summons had been filed in the High Court of Singapore naming the bank and a former relationship manager as defendants by the plaintiffs. The writ was served on 25 September, it said in a statement.

The claim stems from a dispute regarding alleged damages/losses that the plaintiffs claim were caused by share accumulator transactions in 2007 and 2008, Julius Baer said.

The former clients – whom were not identified by name in the statement – 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/or alleged misrepresentations ”, the statement said.

“Julius Baer is vigorously contesting the claim and taking appropriate measures to defend its interests,” it said.