Judgment in litigation against LLB Verwaltung (Switzerland) Ltd

Vaduz, 11 April 2019. The Court of Appeal upholds essential points of the judgment in the trial court, the High Court of Justice in London, against LLB Verwaltung (Switzerland) Ltd.

As already communicated on 6 October 2017 and 15 December 2017, LLB Verwaltung (Switzerland) Ltd, formerly Liechtensteinische Landesbank (Switzerland) Ltd, was sued as a consequence of facts which took place in 2011. As the trial court, the High Court of Justice in London found that there were wrongdoings by a former employee and that the former bank is also liable for the wrongdoings and loss caused by the former employee. The former bank is not liable as a consequence of own wrongdoings. The payments already made in this case were already charged to administrative expenses in 2017.

LLB Verwaltung (Switzerland) Ltd appealed the judgment of the trial court. 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 CHF 4.3 million will be charged to administrative expenses. LLB Verwaltung (Switzerland) Ltd is asserting its claim for insurance.