UBS Says France Seeks $1.8 Billion at Paris Tax-Fraud Trial
- Bank accused of helping wealthy clients evade French taxes
- Trial is ‘justice for French people,’ whistleblower says
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France is seeking 1.6 billion euros ($1.8 billion) in compensation from UBS Group AG, which went on trial in Paris on Monday accused of encouraging rich clients to stash cash outside the country to evade taxes.
Eric Dezeuze, a lawyer for UBS France SA, revealed the amount on day one of a trial where the Swiss lender is accused of deploying tactics “worthy of James Bond” to help customers launder money they hadn’t declared to French authorities. He said the French state’s lawyer cited the amount in recent written submissions.