Swiss-headquartered UBS appeals tax evasion verdict of French Court

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Swiss-headquartered UBS appeals tax evasion verdict of French Court

Swiss-headquartered bank UBS has filed an appeal with the French Supreme Court against last week's court decision in Paris that upheld money laundering claims but substantially reduced a fine to €3.75m, the confiscation of €1bn, and civil damages of €800m.

In a brief statement on 20 December, UBS said: "The notice of appeal was filed within the statutory five-day notice period to preserve UBS AG's rights.

"This enables UBS AG to thoroughly assess the verdict of the Court of Appeal and to determine next steps in the best interest of its stakeholders."

This enables UBS AG to thoroughly assess the verdict of the Court of Appeal and to determine next steps in the best interest of its stakeholders."

The Paris appeals court had reduced the overall penalty for UBS to €1.8bn from the €4.5bn euros it had decided after the first trial in 2019.