UBS says huge French tax fraud case settlement 'unthinkable'

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The Swiss banking group could avoid trial over the alleged massive tax evasion it is accused of having helped among its French customers if it agrees to a settlement, but said it could never agree to a write-off of the 1.1 billion-euros it handed over three years ago as a bail bond, which its legal counsel claimed was "not at all the market price".

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UBS Group AG is “very pessimistic” about reaching an agreement with French authorities to settle a case of alleged tax fraud that forced the bank to post a 1.1 billion-euro bond to cover any potential penalties three years ago, according to French weekly Journal du Dimanche (JDD), reports Bloomberg.