Royal Bank of Scotland and two other banks have begun legal proceedings against an investment vehicle owned by Dubai's ruler, seeking immediate repayment after abandoning talks to restructure $10 billion in debts.
Merrill Lynch must pay US$3.6 million ($4.4 million) to an heiress from Brazil who said she lost tens of millions of dollars due to unauthorised trades made by her brother in her account, a securities arbitration panel has ruled.
Many Swiss are fuming after a whistleblower, who helped prosecute Swiss bank UBS for helping rich Americans avoid taxes, was paid a record $104 million by U.S. authorities after being jailed for his own part in the affair.
"the tax would produce little revenue, be extremely difficult to administer, risk serious damage to the economy and run into serious opposition".
US tax authorities have awarded $104m (£65m) to Bradley Birkenfeld, the whistleblower in a major tax evasion case against UBS, the Swiss bank.
For eight years he was the director of Liechtenstein's Financial Intelligence Unit, the department which gathers and analyses information used by police to combat money laundering, organized crime and the financing of terrorism.
He lives in Paris and has a home in Brussels, the daily said. “Contrary to the reports published today, Mr Bernard Arnault states that he is and will remain a French tax resident,” a statement put out by Arnault’s press office said.
Late last month, Zurich-based Julius Baer said client data had been leaked. According to Swiss media, the data was then passed on to officials in North Rhine-Westphalia, a German state which has tapped leaked Swiss data before as part of efforts to hunt t