After much discussion an Italian court accepted the proposal for settlement presented by UBS according to which €10 Million will be Pais without admission of wrongdoing.
The case is linked to a similar case in France according to which the bank would have systematically facilitated and at times proactively promoted tax evasion using secrecy laws in Switzerland.
For UBS this is a large step toward closing the chapter of tax evasion which have been weakening the reputation of the bank in Europe.