UBS Has $6 Billion Question; French Judges Will Give Answer
- Judge skeptical of testimony in tax trial of bank, executives
- UBS lawyers see no incriminating evidence; ruling on Feb. 20
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In the middle of UBS Group AG’s six-week tax trial in Paris, Presiding Judge Christine Mee’s tone changed. And that may have given a sign of what the bank can expect in a case that could cost it as much as $6 billion.
The hearings, which ended Thursday, started well for the Zurich-based bank. A team of 20 high-powered French attorneys, executives and communications staff hammered on the weaknesses in the case and denied the bank ever helped French citizens hide funds from tax authorities in Swiss accounts.