Snoras bank's insolvency administrator has signed a 105-million-euro  settlement agreement with the Swiss bank Julius Baer

01.07.2022 Snoras bank's insolvency administrator has signed a 105-million-euro settlement agreement with the Swiss bank Julius Baer

TGS Baltic’s team assisted Snoras Bank’s insolvency administrator in reaching a settlement agreement with Swiss bank Julius Baer. The agreement which has been signed states that Julius Baer & Co Ltd will pay BAB Bankas Snoras EUR 105 million.

This settlement is a momentous victory in the context of both the project and Lithuanian litigation history, as it is one of the largest settlement amounts ever in the country.

The project was extremely complex, with proceedings in several countries.

The client was advised by partner Executive Partner Marius Matonis, Partner Vidmantas Drizga, Associate Partner Dovilė Armalytė, Associate Eglė Masytė and Junior Associate Lukrecija Juodytė.

More information can be found here. (in Lithuanian)