UBS hits back

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UBS hit back angrily at a French tax verdict a day after it was hit with a record $5.1 billion penalty, calling the decision a “copy and paste” of prosecution documents.

Bloomberg News reports that the ruling was “extremely superficial, inconsistent and contradictory,” UBS said in a lengthy statement Thursday afternoon as its lawyers addressed reporters in Paris. The judgment “does not address the vast majority of legal and factual arguments made by UBS,” the Zurich-based bank said.

The order by a Paris judge for UBS to pay a 3.7 billion euro-fine ($4.2 billion) and 800 million euros in damages -- about five times what most analysts expected -- was one of the largest financial penalties ever levied in Europe. UBS was found guilty of helping French clients hide money from tax authorities. The bank appealed immediately after the ruling.

UBS said the calculation of the penalty is “contradictory” and the “calculation of the civil damages is completely unsupported.”

Hit the link below to access the complete Bloomberg News article:

UBS Calls Paris Ruling `Copy and Paste' of Prosecutor's Case

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