Julius Baer confirms served with £260m claim

Swiss private bank Julius Baer said on Friday that it has been served with a £260.74m claim that contends it did not prevent two clients from embezzling assets from a foreign corporation that is now being liquidated.

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

In the meantime, the news agency also reports that banks and foreign exchange brokers in Britain face legal claims from small companies which allege they were mis-sold complex currency derivatives that soured when the pound fell after Britain's vote to leave the European Union, according to court filings and sources familiar with the cases.

In one of the first cases that has been brought, a small British jeans maker, Newstar Garments, alleges broker World First sold it derivatives of an 'exceptionally high level of complexity' that led to losses of over four million pounds, according to court filings seen by Reuters.

Julius Baer served with 306 million euro claim in embezzlement case

Banks, brokers face post-Brexit mis-selling claims over FX options

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