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Report: UBS 'Very Pessimistic' About Settling Tax Fraud Case In France

UBS Group AG (UBS) is "very pessimistic" about reaching an agreement with French authorities to settle a case of alleged tax fraud that forced the bank to post a 1.1 billion-euros bond to cover any potential penalties three years ago, Journal du Dimanche reported.

France's financial prosecutor is seeking a 1.1 billion-euro fine from UBS to settle the case with no admission of guilt from the lender, the French newspaper said Sunday,.

UBS has been pushing to settle the French investigation for less than the 300 million euros it paid to resolve a similar issue in Germany in 2014, people familiar with the matter said earlier this month. The Swiss bank is looking to pay less than what it cost to resolve the German case as the French wealth-management market is much smaller.

by RTTNews Staff Writer

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