A criminal trial where UBS has billions at stake will be reheard next summer. The Swiss bank's chances on appeal approved recently through an unrelated ruling.
A French court will hear UBS' appeal of a February $5 billion fine, media outlets including Swiss newswire «AWP» reported on Monday. The Swiss bank was in February found guilty of systematically helping French citizens avoid paying taxes from 2004 to 2012, a decision it shredded before sharpening its appeal plan, as finews.com reported.
The news follows an unrelated French ruling which may move the goalposts in UBS' favor. A court decided in September that fines and penalties for tax offenses be calculated on the basis of the tax evaded or defrauded – and not the total sum of undeclared money.
Gravierende Folgen
The snafu led to an embarrassing rejection for Chairman Axel Weber and Sergio Ermotti earlier this year. The French scandal, now in its eighth year, has pressured UBS' share price and highlighted uncomfortable questions for CEO Ermotti.
UBS has marshalled star power for the long-running dispute and led the bank to seek every legal avenue it can, including an (unsuccessful) human rights appeal. It also suffered a defeat in Switzerland, where a court ruled that confidential client data can be provided to French authorities. British bank HSBC settled a similar probe two years ago for $334 million.
