The appeals court in Paris will set a new date for the retrial in the tax dispute between France and UBS next week, according to a report by «Bloomberg». The appeal may not be decided upon before next year though, the U.S.-based news agency added.

The appeal originally had been set for June 2 but postponed in April due to the corona-virus. The court will hear the arguments against the verdict and the compensation totaling about 4.5 billion euros.

New Legal Precedent

UBS, for which the trial amounts to a sword of Damokles given the size of the compensation, is interested in getting it successfully done and dealt with. The bank relies on a verdict in another case that set a new precedent, it has added additional legal experts and issued a publicly available set of arguments – enough to make CEO Sergio Ermotti and his chief counsel Markus Diethelm hopeful to turn the verdict into something a little more acceptable.