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UBS bulks up litigation provisions following French verdict

https://www.oann.com/ubs-bulks-up-litigation-provisions-following-french-verdict/
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Mar 15, 2019 2:27 AM 1+ mon ago

ZURICH (Reuters) - Switzerland's biggest bank, UBS, on Friday reported a nearly $400 million boost to its litigation provisions after a French court slapped it with a 4.5 billion euro ($5.09 billion) penalty last month.

UBS, which is appealing against the decision and has said it expects an appeals court to "correct the mistakes" of the prior ruling, has now set aside a total 450 million euros ($516 million) to address the charges of illicitly soliciting cross-border clients and laundering the proceeds of tax fraud.

"In light of the first judgment and considering the full range of potential final decisions, the provision on our balance sheet reflects our best estimate of possible financial implications," the group's chairman and CEO said in a joint letter to shareholders.

"That said, we still believe the verdict should be reversed, at which time we would release the provision."

The ...

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