UBS Group had to go to court in France to fight charges that the Swiss bank help...
Axel Weber, Chairman of Swiss bank UBS addresses the company's annual shareholder meeting in Basel, Switzerland May 2, 2019. REUTERS/Arnd Wiegmann
A French court in February found UBS guilty of illegally soliciting clients and laundering the proceeds of tax evasion, ordering it to pay 4.5 billion euros in penalties. UBS denies the charges and is appealing against the ruling it has called “incomprehensible.” “In the past, we were able to resolve legal cases quickly and on acceptable terms, including by reaching settlements,” Weber told the bank’s annual shareholder meeting. “In the case of France, unfortunately, there was no acceptable way to settle out of court. Therefore, also in the interests of our shareholders, we had no choice but to go to court.”
Proxy adviser Institutional Shareholder Services last month said shareholders should not sign off on the bank leadership’s performance.
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