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UBS Whistleblower Sees ‘No Protections’ in France for Disclosers of Wrongdoing
printIn the summer of 2008, then-UBS AG marketing specialist Stephanie Gibaud was faced with the unpleasant choice of whether to comply with her employer's request that she destroy records potentially indicating that the bank had courted tax-evading clients. When she refused, the bank psychologically bullied Gibaud until her departure in 2012, a Paris labor tribunal ruled last March. The Swiss institution, which in 2009 reached a $780 million settlement with U.S. authorities after former employee Bradley Birkenfeld turned over data indicating that it had aided American tax dodgers, has since paid more than €1 billion in bail as part of...
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The U.K. Financial Conduct Authority will review its decision not to compensate whistleblowers from the financial services industry after a lawmaker complained the agency repeatedly fails employees coming forward to expose wrongdoing at their institutions.
Not long ago, U.S. settlements in the hundreds of millions of dollars for violations of American law by a foreign bank seemed unlikely, if not out of the realm of possibility altogether. Then came the $780 million deferred prosecution agreement with UBS AG in 2009.
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U.S. and Canadian banks are among the over 260 companies asking the Securities and Exchange Commission to reconsider a new federal whistleblower program they say will undermine internal reporting controls.
Switzerland will begin disclosing account data on nearly 4,000 UBS AG clients within a week after Swiss lawmakers Thursday approved the handover, marking an unprecedented exception to the country's bank secrecy laws.
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The United States and UBS AG said Wednesday that they had reached an agreement over whether U.S. investigators could access data on the bank's tax evading American clients.
Mike Flowers, a former counsel to the Permanent Subcommittee on Intelligence, discusses the committee's hearing on tax evasion by UBS AG and LGT Bank, in the second half of a two-part interview.
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Swiss bank UBS AG will end its offshore banking services to residents of the United States, a company official told Capitol Hill on Thursday.
A federal judge in Miami has granted a U.S. Justice Department request to obtain the bank account information of wealthy investors who may be hiding as much as $20 billion in undeclared assets through Swiss bank giant UBS AG.