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.
Liechtensteinische Landesbank AG (LLB) is the longest established financial institute in the Principality of Liechtenstein. The majority of the company's share capital is held by the Principality of Liechtenstein. LLB's shares are listed on the SIX (symbol: LLBN). The LLB Group offers its clients comprehensive wealth management services, as a universal bank, in private banking, in asset management and fund services. With 1'092 employees (full-time equivalent positions), LLB is represented in Liechtenstein, Switzerland, Austria and the United Arab Emirates (Abu Dhabi and Dubai). As per 30 June 2019, the business volume of the LLB Group stood at CHF 85.6 billion.
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- 8 May 2020, 28th Ordinary General Meeting of Shareholders
Dr. Cyrill Sele
Head of Group Corporate Communications & General Secretary
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