Swiss Banks Aren’t What They Used to Be

At least, not according to Peter Mikutta, a German millionaire who is suing CitiBank for breach of fiduciary duty, claiming that the bank failed to monitor activity in his account and that, as a result, a bank employee was able to falsify Mr. Mikutta’s signature on documents that enabled the employee to divert fund to her own account from Mr. Mikutta’s. Mr. Mikutta is claiming damages of approximately $36 million. If this matter proceeds to a trial, it will no doubt cause a good bit of agitta for the Swiss banking community, which has a long and legendary reputation for its , er, discretion.