The company said that its indirect subsidiary NTFS was convicted, along with all other defendants, on March 5, 2024 in a re-trial at a French appellate court over a charge of complicity in estate tax fraud.

1. 01

   The company said that its indirect subsidiary NTFS was convicted, along with all other defendants, on March 5, 2024 in a re-trial at a French appellate court over a charge of complicity in estate tax fraud.

2. 02

   The company said the court ordered NTFS to pay a fine of €187,500, and ordered NTFS and certain other convicted defendants to be jointly and severally liable for the allegedly unpaid estate taxes, plus penalties and interest.

3. 03

   Northern Trust Fiduciary Services (Guernsey) Limited said it provided no tax advice and was not involved in preparing or filing the challenged estate tax returns, and that it believes it complied with all applicable laws and fulfilled its fiduciary duties. NTFS appealed the judgement on March 5, 2024.

4. 04

   The company said that under applicable law, NTFS's appeal stays the judgement and its effects, including the fine and joint and several liability, until the appeal is resolved. It explained that the total amount of the unpaid taxes and other amounts will be set in a separate tax court proceeding, currently expected to take place in late March 2024.

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Original filing

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