Quantcast
French court postpones verdict in UBS 4.5 billion euros tax case until Dec. 13 - Metro US

French court postpones verdict in UBS 4.5 billion euros tax case until Dec. 13

French court to rule on UBS's appeal against a €4.5 billion fine

PARIS (Reuters) – French court said on Monday it has postponed until Dec. 13 a verdict on Swiss bank UBS’s appeal against a 4.5 billion-euro fine for allegedly helping wealthy clients stash undeclared assets offshore.

UBS is looking to overturn a 2019 French court ruling in which it was found guilty of soliciting clients illegally at sporting events and parties in France, and of laundering the proceeds of tax evasion.

It was hit at the time with a record 4.5 billion euros ($5.32 billion) in penalties as a result, including a 3.7 billion euros fine and 800 million euros in civil damages.

(Reporting by Tangi Salaun; Writing by Matthieu Protard; Editing by Benoit Van Overstraeten)

More from our Sister Sites