Geneva's Banque Reyl has decided to accept a judgement in the so-called Cahuzac affair. What led to change of opinion?
The Swiss private bank has decided to accept a French court judgement in a case linked to former French minister Jérôme Cahuzac and pay a fine, Banque Reyl confirmed to Swiss business magazine «Bilan».
Despite fundamentally laying out the arguments, the bank's appeal was rejected in a first instance, a lawyer for Reyl told the magazine, which also cited anonymous sources saying the bank wanted to avoid «a second political process.»
Fines Against Bank, CEO
In December, Reyl and CEO François Reyl said it would appeal the verdict reached by a French court in the case against Cahuzac after a Paris court convicted the former minister and condemned him to a prison sentence.
The judge had also ordered Banque Reyl to pay a fine of 1.875 million euros. The bank's CEO received a suspended jail sentence of one year and a fine of 375,000 euros.
