ALSO READUBS hopes Trump policies will boost wealth management Deutsche Bank's Asia Pacific wealth management head joining UBS - source UBS Chairman says 1,000 London-based employees could be hit by Brexit - BBC France's constitutional council rules against 'Google tax' UBS CEO says bank has flexibility over passporting rights post-Brexit
ZURICH (Reuters) - UBS and its French subsidiary face a trial in France after authorities laid out charges against the Swiss bank, marking an escalation of a long-running probe into allegations they helped wealthy clients avoid taxes.
"We will now have the possibility to respond in detail in a court of law," UBS said in an emailed statement on Monday. "UBS has made clear that the bank disagrees with the allegations, assumptions and legal interpretations being made."
Magistrates were expected this week to order a trial in the case, Reuters reported on Sunday, after negotiations failed to produce a settlement in the long-running probe into allegations UBS helped clients avoid taxes.
French newspaper JDD said UBS had rejected a 1.1 billion euro ($1.18 billion) settlement proposed by prosecutors.
The JDD quoted Markus Diethelm, UBS's group general counsel, as saying a 1.1 billion euro payment was "unthinkable" and out of line with similar settlements reached in other countries.
($1 = 0.9301 euros)
(Reporting by Joshua Franklin in Zurich and Laurence Frost in Paris; Editing by Michael Shields and Alexander Smith)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)