Judgement in litigation against LLB Verwaltung (Switzerland) Ltd
Vaduz, 6 October 2017.
LLB Verwaltung (Switzerland) Ltd, formerly Liechtensteinische Landesbank (Switzerland) Ltd (the "Former Bank"), is a subsidiary of Liechtensteinische Landesbank AG. As previously published, the Former Bank was sued in England at the beginning of 2015 as a consequence of facts which took place in 2011. The High Court of Justice in London (being the trial court) found that there were wrongdoings by a former employee of the Former Bank and that the Former Bank is also liable for the wrongdoings and loss caused by the former employee in the amount of approx. EUR 10 million plus interest and costs yet to be determined. The Former Bank is not liable as a consequence of own wrongdoings. LLB Verwaltung (Switzerland) Ltd expects that the damage amount will be covered by insurance. The judgement is not yet legally binding. An appeal of the judgement is being considered.
The Liechtensteinische Landesbank AG (LLB) is the longest established financial institute in the Principality of Liechtenstein. The Principality of Liechtenstein holds the majority of the company’s share capital. The LLB’s shares are listed on the SIX Swiss Exchange (symbol: LLBN). The LLB Group offers its clients comprehensive wealth management services, as a universal bank, in private banking, asset management and fund services. With 853 employees (full-time equivalent positions), the LLB is represented in Liechtenstein, Switzerland, Austria, and the United Arab Emirates (Dubai and Abu Dhabi). As per 30 June 2017 the LLB Group managed a business volume of CHF 59.9 billion.
- 8 March 2018, Presentation of the 2017 Annual Result
- 9 May 2018, 26th Ordinary General Meeting of Shareholders
Dr. Cyrill Sele
Head of Group Corporate Communications & General Secretary
Telephone +423 236 80 99
Fax +423 236 87 71