Swiss bank UBS is currently facing trial in Paris over allegations of harassing whistleblowers.
At the beginning of June, Nicolas Forissier, a former UBS auditor, was awarded the Chevalier de la Légion d'honneur by the French Senate. The award is an expression of appreciation for the honoree's work in the political, economic, scientific, and social fields.
Forissier was instrumental in setting the tax dispute between Switzerland and France in motion, which resulted in years of legal wrangling for the major Swiss bank.
UBS Executive Denies Any Wrongdoing
On Tuesday, Forissier was once again in the spotlight: a trial against UBS was opened in Paris. Forissier accuses his former employer of having shafted him and a former marketing manager after the two had uncovered the bank's efforts to help rich French people evade taxes. The marketing manager refused to destroy client data at the behest of her superiors. She was also dismissed as a result. Her and Forissier's bonuses were also cut.
Régis Turrini – currently Chairman of the French branch of UBS – denied any wrongdoing at the start of the trial. According to a report by «Bloomberg», he explained the bank's behavior with the «catastrophic situation» due to the financial crisis from 2007 to 2008.
Forissier denied this and told the judges that UBS's financial problems, which ultimately led to state intervention, were due to «major mistakes» in the investment banking division. «The wealth management division was profitable worldwide and brought in money,» he said.
Consequences of Conviction Could be Steep
In addition to a maximum fine of 75,000 euros for harassment, UBS France could risk a possible ban if the court were to convict the branch for unfair treatment of the whistleblowers.
