UBS

The Swiss lender eschewed a settlement in a French tax investigation after failing to agree on an amount, exposing it to in-court demands from the state.

Swiss prosecutors are seeking a four-year prison term for a former UBS Group AG employee accused of breaking bank secrecy laws after he allegedly stole client data and sold the information to German tax authorities.

The defendant is accused of selling stolen information to the German tax authorities.

A prosecutor at a high-profile Paris trial said UBS Group AG must be “punished” by a court for helping wealthy French clients hide money from tax authorities.

The bank repeatedly attacked the credibility of witnesses and insisted it had no knowledge about clients evading taxes.

A prosecutor in a high-profile French tax case questioned why UBS Group AG systematically destroyed handwritten notebooks detailing the movement of French clients’ funds to surrounding lower-tax countries.

About a decade after Swiss bank secrecy laws started to crumble under the impact of a U.S. investigation, one of the last large lenders still entangled in the matter agreed to settle the dispute.

Chalk up a win for capital expenditures.

A former Swiss banker was acquitted of helping U.S. clients dodge taxes, dealing prosecutors a dramatic loss in their efforts to hold individuals responsible after the government successfully targeted financial institutions.

American taxpayers who opted to disclose their offshore accounts to avoid prosecution paraded into a New York courtroom this week.

UBS Group AG suffered a setback in a long-running French tax probe as a court rejected its bid to stop a former executive from striking a plea deal in the case.

The tax-fraud case may leave the Swiss bank open to a fine of as much as 4.9 billion euros ($5.3 billion).