Banking
UBS to ask French court to wipe out €1.8 billion tax fine
UBS was also convicted of covertly and unlawfully dispatching Swiss bankers in France to encourage prospective clients to move money across the border
UBS Group will today seek to convince France’s top court to overturn a reputation-damaging conviction and €1.8 billion penalty for helping wealthy French clients stash away undeclared funds in Swiss accounts.
The hearing comes nearly two years after the Paris court of appeals more than halved UBS’s initial fine but upheld a finding that the firm had illegally laundered funds.
The UBS legal saga in France has rumbled on for more than a decade. It’s ...
