The trial may herald “a change of paradigm” in how France combats financial crimes, according to Stephane Bonifassi, a criminal lawyer in Paris.
UBS Group AG will stand trial in France in a tax-fraud case that may leave the Swiss bank open to a fine of as much as 4.9 billion euros ($5.3 billion).
The bank, which posted a 1.1 billion-euro bond to cover any potential penalties three years ago, said on Monday that it will have to answer charges that it helped wealthy clients evade taxes by stashing funds overseas. The criminal case is coming to court after settlement talks with French authorities broke down over the size of the fine. No date has been set for the trial. Read more