Legal Success for Bank Austria

Western EuropeGermany ♦ Published: December 2, 2011; 16:45 ♦ (Vindobona)

A Swiss court granted the bank’s appeal against an obligation to pay € 245m to a German public body.

Legal Success for Bank Austria / Picture: © Uni Credit Group Bank Austria

UniCredit Bank Austria scored a success in a lawsuit relating to alleged claims of BvS (formerly Treuhandanstalt), the German public body for the reconstruction of the states of former East Germany.

BvS argued that AKB Privatbank Zürich, a former subsidiary of Bank Austria, should have been aware that their customers, former East German companies, could have been assets…