Weekly Roundup: German Authorities Investigate UBS and Wirecard Bank, China Signals Support for Iran Sanctions, and More

UBS AG, the Swiss banking giant in hot water for helping 17,000 U.S. citizens evade taxes, is facing further legal trouble abroad, news agencies reported this week. Germany's financial supervisory authority, BaFin, is investigating the bank in connection with an ongoing probe by Frankfurt prosecutors of a former UBS client who is suspected of fraud, breach of fiduciary trust and tax evasion, according Reuters. More The bank, which paid a $780 million fine to the United States in February 2009, is at the center of a legal battle between the U.S. Justice Department and the Swiss government over the bank's...