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BREAKING NEWS

UBS looks to face loss in landmark Swiss client data ruling

UBS looks to face loss in landmark Swiss client data ruling
FILE PHOTO: The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. REUTERS/Arnd Wiegmann -
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ARND WIEGMANN(Reuters)
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LAUSANNE (Reuters) – Swiss federal judges on Friday steered toward delivering UBS <UBSG.S> a loss in a landmark ruling over delivering client data to France, after three of the five judges spoke out in favour of handing over the information.

Swiss federal judges are set to rule on whether the Swiss tax administration should reveal the identities of over 40,000 UBS bank account holders to French authorities.

The final verdict in the oral deliberation—which may go through further rounds of discussions—remains outstanding. It is expected Friday afternoon.

(Reporting by Angelika Gruber and Silke Koltrowitz; writing by Brenna Hughes Neghaiwi; Editing by Tassilo Hummel)

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