UBS has said that the European Court of Human Rights has agreed to consider its complaint over the $1.24bn bail that French authorities ordered the bank to pay in a tax evasion investigation.
Bloomberg News reports that the bank announced the development in its annual report Friday, saying the court has accepted its petition challenging “various aspects” of French judicial process.
French prosecutors last month concluded a 19-month formal investigation into whether UBS helped clients hide funds from the country’s tax authorities from 2004 to 2012. Judges now are in the process of determining whether the case goes to trial.
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UBS Says European Court to Hear Challenge in French Tax Case
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