- After being placed under formal investigation in France last week, UBS (NYSE:UBS) is now facing charges of money laundering and tax fraud.
- Prior to official probe, the Swiss wealth manager rejected a €74M settlement proposed by French authorities which would have required it to plead guilty to illicitly soliciting clients, the Financial Times reports.
- The two parties then explored an out-of-court settlement of about €100M without a guilty plea, but negotiations subsequently collapsed.