Northern Trust subsidiary convicted in French tax fraud case; appeal stays fine and liability

NORTHERN TRUST CORP

NTFS, indirect subsidiary, convicted of complicity in estate tax fraud on March 5, 2024 by French appellate court.
Court ordered NTFS to pay fine of €187,500; joint/several liability for unpaid taxes to be set by tax courts.
NTFS filed appeal same day; under French law, judgement and all effects (fine, liability) are stayed pending appeal.
NTFS denies wrongdoing, states it provided no tax advice and complied with all fiduciary duties.

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