“Julius Baer revealed it was being sued for Sfr110m (£73m), plus interest, over allegations a bank it later bought had allowed cash to be withdrawn illegally. Since East and West Germany were reunified in 1990, the country has launched dozens of lawsuits to try to recover money stashed by the former regime. The charges centre around Austrian communist Rudolfine Steindling, who headed up East German trading company Novum. She transferred the money to several Swiss banks, including Cantrade, and withdrew the cash after the fall of the Berlin Wall. Germany argues Ms Steindling had no right to the cash, which was amassed from fees charged to Western firms.”
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