Bank Julius Bar sued.Swiss bank Julius Bar is being sued in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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 (CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 50 million), plus interest and punitive damages Monetary compensation awarded to an injured party that goes beyond that which is necessary to compensate the individual for losses and that is intended to punish the wrongdoer. . 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 New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 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 antique dealer n → anticuario/a antique dealer n → antiquaire m/f antique dealer antique n → who fled Jewish persecution in Iran to become a US citizen. A 115-page verified complaint has been filed on behalf of plaintiff Bijan Nassi and his company, BBCFD, by the law firm. Also named as a defendant is Yehuda Shiv shiv n. Slang A knife, razor, or other sharp or pointed implement, especially one used as a weapon. [Probably Romany chiv, blade.] Noun 1. , a financial adviser, who, according to lawyers, has been convicted of securities fraud. It is alleged that Shiv and the bank were involved in an "elaborate scheme" to divert money away from Nassi's investments to their benefit. Although the bank refused to comment on a pending legal case, it said it was important to note that Julius Bar--which has strong Jewish roots--had acted in this instance as a custodian bank Custodian bank Applies mainly to international equities. Bank or other financial institution that keeps custody of stock certificates and other assets of a mutual fund, individual, or corporate client. See: Depository Trust Company (DTC) , only performing administration duties. In its statement, the law firm accuses Bank Julius Bar of being "best known for its Holocaust controversy whereby the Bank stone-walled the claims of heirs to bank accounts opened by Jewish people slaughtered during the Holocaust". |
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