UBS settles French tax case: Bank to pay 835 million euros; 14-year legal saga ends with lower penalty
The settlement includes a 730-million-euro fine and 105 million euros in damages to the French state, bringing closure to the 14-year-old legal saga, AFP reported.“UBS AG is pleased to announce it has resolved the legacy matter concerning its cross-border business activities in France between 2004 and 2012,” the bank said in a statement.The agreed penalty is significantly lower than the 3.7-billion-euro fine and 800 million euros in damages initially imposed in 2019.
On appeal in 2021, the total penalty was reduced to 1.8 billion euros.The French appeals court had found UBS guilty of concealing serious tax fraud and engaging in illegal banking activities in France between 2004 and 2012, during which Swiss bankers were sent to court well-heeled French clients.
