UBS in taxing rejection

Tax

UBS has failed to persuade the European Court of Human Rights to overturn an order that it must post 1.1 billion euros ($1.17 billion) bail in a French case about whether it helped clients avoid tax.

Reuters reports that the bank took the unusual step of going to the human rights court in 2015 after French courts upheld an order by investigating judges that the bank must put up the bond until the legal case was resolved.

The Strasbourg court said on Thursday it had unanimously rejected UBS's application to challenge the order.

"The Court held that the security required constituted an interim measure which did not prejudge the outcome of the proceedings and that the amount had been assessed by the domestic judges," the ECHR said in a statement, adding that the decision is final.

Hit the link below to access the complete Reuters article:

European court rejects UBS appeal against bail in French tax case

UniCredit says will complete cash call in time for bond payouts

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