France Stakes Claim Its Share Of UBS’s Legal Reserve

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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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