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UBS astounded

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The French division of UBS has been placed under formal investigation by French authorities and been asked to pay a $43.5m bail, UBS said on Friday, in an escalation of a long-running probe into allegations the bank helped clients avoid taxes.



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Nomura to defend US mortgage allegations

Nomura will defend claims by a U.S. regulator that it sold defective mortgage-backed securities to Fannie Mae and Freddie Mac before the 2008 financial crisis, becoming the first bank to take such a case to trial.