Judges are due to return to their courts in France, but what will this mean for the appeal that UBS lodged against the verdict in the tax dispute?
The appeals court in Paris will set a new date for the retrial in the tax dispute between France and UBS next week, according to a report by «Bloomberg». The appeal may not be decided upon before next year though, the U.S.-based news agency added.
The appeal originally had been set for June 2 but postponed in April due to the corona-virus. The court will hear the arguments against the verdict and the compensation totaling about 4.5 billion euros.
New Legal Precedent
UBS, for which the trial amounts to a sword of Damokles given the size of the compensation, is interested in getting it successfully done and dealt with. The bank relies on a verdict in another case that set a new precedent, it has added additional legal experts and issued a publicly available set of arguments – enough to make CEO Sergio Ermotti and his chief counsel Markus Diethelm hopeful to turn the verdict into something a little more acceptable.
