As Germany steps up its plan to buy stolen Swiss bank data, a Liechtenstein court has awarded milions of euros in damages to a tax evader, who complained notification about the stolen data came too late. Liechtenstein trust company LGT Treuhand must pay a former client 7.3 million euros ($10 million) in damages because bankers failed to notify him about stolen data in time, the high court in the capital Vaduz said. The plaintiff is a property developer from Bad Homburg, Germany, who claimed that he could have declared himself to German authorities had he known, and avoided a more costly fine for tax fraud. Details in the case, which was brought against LGT in 2008, were just released to the parties last week. But the decision came down in early January. The property developer had asked for 13 million euros but the court awarded it 7.3 million.
Liechtenstein trust company LGT Treuhand must pay a former client 7.3 million euros ($10 million) in damages because bankers failed to notify him about stolen data in time, the high court in the capital Vaduz said.
The plaintiff is a property developer from Bad Homburg, Germany, who claimed that he could have declared himself to German authorities had he known, and avoided a more costly fine for tax fraud.
Details in the case, which was brought against LGT in 2008, were just released to the parties last week. But the decision came down in early January. The property developer had asked for 13 million euros but the court awarded it 7.3 million.
