Legal

UBS Contests European Court Of Human Rights Decision Not To Revoke $1.2 Billion Bail Order

Josh O'Neill Assistant Editor 16 January 2017

UBS Contests European Court Of Human Rights Decision Not To Revoke $1.2 Billion Bail Order

The banking behemoth has said the facts do not support the magnitude of the bail.

UBS has said it “disagrees” with the European Court of Human Rights' decision not to overturn an order requiring the bank to post $1.2 billion bail in a French court case about whether it assisted clients with tax evasion and will continue to "strive for a solution".

Switzerland's biggest bank went to the human rights court in 2015 after French courts upheld an order by investigating judges that the firm must put up the bond until the legal issue was resolved. Last week, the Strasbourg court said 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 European Court of Human Rights said in a statement.

French investigators have sought a fine of up to $5.2 billion, the court added.

"We value the fact that the court accepted this case for consideration. This already shows the unprecedented nature in which the French judicial authorities approached this matter. We will continue to strive for a solution to the proceedings in France while strongly defending our position. The facts do not support the magnitude of the bail and we have a fiduciary responsibility to protect both the financial and reputational interests of our stakeholders. We regret the court's decision and disagree with its reasoning," UBS said in a statement.

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