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10.05.2010

Bank Austria appeals against court decision in Switzerland

  • Bank Austria has filed an appeal and a petition for granting suspensive effect of the decision with the Court of Appeal (Kassationsgericht) of the Canton of Zurich
  • In the event of a negative decision by the Court of Appeal, an appeal will be filed with the Swiss Federal Supreme Court (Schweizerisches Bundesgericht)

As previously communicated, UniCredit Bank Austria AG ("Bank Austria") is an intervening party supporting AKB Privatbank Zürich AG (formerly Bank Austria [Schweiz] AG and a former banking subsidiary of Bank Austria), the defendant in a lawsuit relating to alleged claims of the Bundesanstalt für vereinigungsbedingte Sonderaufgaben (BvS), the legal successor of Treuhandanstalt Berlin, the German public body for reunification of the German Länder.

Essentially BvS claims that the former banking subsidiary of Bank Austria failed to exercise due and reasonable care and facilitated the embezzlement of funds from certain companies in the former East Germany possible.

On 25 June 2008 the Zurich District Court rejected the claims of BvS. On 25 March 2010 the Higher Court (Obergericht) of the Canton of Zurich issued an unexpected judgment in favour of the plaintiff.

Today Bank Austria, as an intervening party in a lawsuit, has filed a nullity appeal against the judgment of the Higher Court of the Canton of Zurich with the Court of Appeal (Kassationsgericht) of the Canton of Zurich and at the same time filed a petition for granting suspensive effect of the decision against which it appeals. In the event of a negative decision for the defendant it is the intention of Bank Austria to file an appeal with the Swiss Federal Supreme Court.

Enquiries: Bank Austria Media Relations
 Martin Halama, tel. +43 (0) 50505 52371
 e-mail: martin.halama@unicreditgroup.at

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