UBS is rejecting a €1.1bn settlement with French authorities following a long-running offshore tax investigation. The Swiss bank said it had decided to reject the deal because of concerns about its potential impact on other clients and their assets. This is likely to result in UBS' lawyers having a face-off against the French prosecutors in court this week.
UBS is rejecting a €1.1bn settlement with French authorities following a long-running offshore tax investigation. CEO Sergio Ermotti says it is more a question of honour for the bank rather than purely a financial one. This is likely to result in UBS' lawyers having a face-off against the French prosecutors in court this week.