Did UBS help clients evade taxes for years and years? Yes, it's a Swiss bank and that's what Swiss banks do (did?). Is that any reason for France to go all extortionist on its ass? UBS says no. As an aside, a spokesperson from UBS has suggestion that certain French attorneys ought to go back to law school.
Swiss banking giant UBS must pay a 1.1 billion euro ($1.41 billion) bond, a Paris appeals court said Monday, upholding an earlier decision that is part of a probe into whether the bank helped wealthy French customers evade taxes...UBS said in an emailed statement that it was "very disappointed" by the court's decision and that it would file a fresh appeal with the Supreme Court. "We continue to believe that this is a highly politicized process that from the beginning of the investigation has not followed elementary facets of the rule of law," said UBS. The decision represents a major setback for the bank, which was confident it would be able to settle the matter for considerably less than €100 million, according to a person familiar with the matter. The size of the bail suggests prosecutors are seeking record criminal penalties against the Swiss bank.