Ex-client claims up to $125 mln from Swiss bank Julius Baer

A former client of Julius Baer has served the Swiss bank with a claim for up to around 121 million Swiss francs ($124.8 million) for losses allegedly stemming from foreign exchange transactions, Baer said on Monday.

"The claimant claims losses in the context with foreign exchange transactions and argues that the bank has breached its duties with respect to diligence, disclosure and information duties," Switzerland's third-largest listed bank said in its 2015 annual report.

Zurich-based Baer said it was contesting the claim, which was served to the bank in October for 1 million francs plus accrued interest since 2008.

The former client filed a partial claim, Baer said, reserving the right to increase the claimed amount to about 121 million francs.

The former client has argued that the total losses caused by foreign exchange transactions totalled 441 million francs.