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UBS Claims Compliance With Laws, Plans To Go To Court In France Case

UBS Group Chairman Axel A Weber in his address at the Annual General Meeting said there was no acceptable settlement in the case of France and had no choice but go to court. He claimed that it has not failed to comply with applicable laws in France and Switzerland and hoped that its arguments will prevail in the court of appeal.

Group CEO Serio Ermotti noted that net profit increased 16 percent year on year to 4.5 billion dollars.

Chairman also announced shareholders to receive 70 Rappen per share as dividend. Shareholders will receive 76 percent of the net profit that equates to a total of 3.4 billion dollars. He said the share price does not reflect either the long-run value of its franchise or its market position.

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