UBS wants to settle case for less than €300m
UBS Group AG is pushing to settle a French tax fraud investigation for less than the €300 million (RM1.4 billion) it paid to resolve a similar issue in Germany. That’s significantly below the €1.1 billion bond the bank posted to cover potential penalties. UBS has been in talks since late last year with France’s financial prosecutor to reach a settlement similar to a deferred prosecution agreement that would include a fine, but no admission of guilt. The amount could be a stumbling block to any accord.