Northern Trust Says On March 5, 2024, The French Court Rendered A Judgement Of Conviction Against All Defendants, Including NTFS (An Indirect Subsidiary,) Was Ordered By The Court To Pay A Fine Of €187,500; The Court Ordered That Certain Of Those Convicted Of Complicity In The Matter, Including NTFS, Are Jointly And Severally Liable For The Allegedly Unpaid Estate Taxes Owing, Plus Penalties And Interest
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Northern Trust's indirect subsidiary, NTFS, was convicted by a French court on March 5, 2024, and fined €187,500. Additionally, NTFS and others convicted of complicity must jointly cover the unpaid estate taxes, penalties, and interest. This was disclosed in an SEC filing.
March 06, 2024 | 8:35 pm
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Northern Trust's subsidiary NTFS was fined and held liable for additional financial penalties by a French court, as disclosed in an SEC filing.
The conviction and financial penalties against NTFS, a subsidiary of Northern Trust, could lead to negative investor sentiment due to potential financial impacts and reputational damage. This news, being significant and directly involving a subsidiary, is likely to have a short-term negative impact on Northern Trust's stock price.
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