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.
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 1'086 employees (full-time equivalent positions), the LLB is represented in Liechtenstein, Switzerland, Austria, and the United Arab Emirates (Abu Dhabi and Dubai). As per 31 December 2018, the LLB Group managed a business volume of CHF 80.1 billion.
- 27 August 2019, 2019 Interim Finanical Statement
- 12 March 2020, Presentation of the 2019 Annual Result
- 8 May 2020, 28th Ordinary General Meeting of Shareholders
Dr. Cyrill Sele
Head of Group Corporate Communications & General Secretary
Telephone +423 236 80 99