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Bank Julius Bar sued.

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Fonction Financial News

Swiss bank Julius Bar is being sued in the United States for allegedly defrauding, looting and converting millions of dollars in depositors' assets.

New York-based law firm Leahey and Johnson is demanding at least $40 million (CHF50 million), plus interest and punitive damages.

Julius Bar claims that the allegations and accusations are "ridiculous" and that it would, if required, "vigorously defend" its actions.

The bank, based in Zurich, also described the claims against it as possible grounds for legal action against the Wall Street law firm.

Leahey and Johnson filed the complaint in the Supreme Court of the State of New York against a number of defendants, including the honorary chairman of Julius Bar Holding, Hans J Bar, and another family member, Raymond J Bar, the present chairman of the bank.

In a faxed statement, Leahey and Johnson said the bank was being sues, along with several of its subsidiaries, employees, agents, servants, controlling officers and directors.

They are accused of allegedly participating in a long-standing scheme to defraud, loot and convert money deposited by a Manhattan antique dealer who fled Jewish persecution in Iran to become a US citizen.

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