UBS booked a 254 million euro ($341.25 million) charge in the second quarter mainly to settle claims it helped wealthy Germans to dodge taxes, the latest in a string of lawsuits that have targeted its private banking business.
The Zurich-based lender’s offices in Germany were searched last year as part of an investigation of 750 cases involving foundations, a probe sparked by a CD with details of UBS clients that was purchased by the German state of North Rhine-Westphalia (NRW).
UBS, which faces a separate probe in Germany and similar probes in Belgium and France, said it aims to have all of its German clients come clean by year-end, from more than 95 percent currently.
justiceleague00
Justice League 