BERLIN (Reuters) -Switzerland's UBS has agreed to pay almost a billion dollars to resolve a legal case concerning its cross-border business activities in France between 2004 and 2012, the bank said on
UBS agrees to almost $1-billion payment to resolve French tax case
UBS's Legal Settlement with France
BERLIN (Reuters) -Switzerland's UBS has agreed to pay almost a billion dollars to resolve a legal case concerning its cross-border business activities in France between 2004 and 2012, the bank said on Tuesday.
Details of the Settlement
As part of the resolution, UBS will pay a fine of 730 million euros ($860.45 million) plus 105 million euros in civil damages to the French state, it said in a statement.
Background of the Case
In 2023, the French Supreme Court confirmed a Paris appeals court's decision finding UBS guilty of unlawful client solicitation and aggravated money laundering and referred the financial penalty and civil damages to be re-assessed by the lower court.
Implications for UBS
($1 = 0.8484 euros)
(Writing by Rachel More, Editing by Friederike Heine)
