• 24 Jul 2014 at 11:49 AM
  • Banks

France Stakes Claim Its Share Of UBS’s Legal Reserve

Last seen whining (albeit not entirely without justification) about how unfairly the U.S. was treating its banks, France has decided it might not mind piling on a foreign bank itself.

French magistrates have placed Swiss banking giant UBS AG under formal investigation for money laundering, widening an existing probe examining whether the bank helped wealthy French customers evade taxes.

The magistrates requested the bank pay bail of €1.1 billion ($1.49 billion) by Sept. 30, a spokeswoman for the Paris prosecutor’s office said.

If convicted, UBS could be hit with a significant fine and limitations on its ability to do business in France, she said.

UBS Hit by French Money Laundering Probe [WSJ]

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Comments (4)

  1. Posted by Captain Oblivious | July 24, 2014 at 12:09 PM

    The French. Seriously what pieces of human shit. BNP behind this, trying to root for one of these guys is like picking your favorite between the Hindenburg and the Titanic. Both total disasters. Viva La France!!!

  2. Posted by Shaz's beard | July 24, 2014 at 12:51 PM

    UBS sucks

    -everyone who is not RBS

  3. Posted by Everyone | July 24, 2014 at 2:34 PM

    Who would hide money from a social govt with no hope of economic growth?

  4. Posted by IBAssoc | July 24, 2014 at 6:04 PM

    Pls fix headline thx