The trial against UBS in France is over and the verdict is expected for early next year. That will not be the end of the matter though.
The trial against Switzerland’s largest bank came to an end on Thursday in Paris. The lawyers defending the bank urged a not-guilty-verdict, while the prosecution demanded billions of francs in fines and compensation.
The state prosecution also wants six bankers convicted to suspended prison sentences of as long as two years and fines of up to 500,000 euros ($567,000), according to «AWP» newswire. The verdict is expected for February 20.
Legal Cases on the Agenda
It is highly unlikely that the verdict reached will be the end of the matter though as both sides are probably not going to accept defeat. This will keep the legal cases high on the agenda of UBS – with the mortgage-back residential securities case in the U.S. also pending a resolution.
UBS has stood up to the prosecution in several cases across a number of countries in recent months and has thus been able to avoid paying excessive penalties, with General Counsel Markus Diethelm taking center stage. The bank says it didn’t break the law either in France or the U.S.
