Banking Law News

UBS Loses Bid to Exclude Client Data From $5.1 Billion Case (1)

July 16, 2020, 7:34 AM

UBS Group AG lost a bid to block the transfer of client data to France that the Swiss bank fears could be used to stymie its appeal of a $5.1 billion penalty for helping French clients dodge taxes.

Switzerland’s Federal Administrative Court rejected UBS’s appeal late Wednesday, saying its argument that the data risks falling into the hands of Paris prosecutors is unfounded. The court also upheld a February decision by the Swiss Federal Tax Administration to revoke the bank’s status as a party to its exchange of information with French authorities.

A year ago, the Swiss Supreme Court ruled...

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