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

Stock Markets7 minutes ago (Sep 27, 2021 07:56AM ET)

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(C) Reuters. UBS General Counsel Markus Diethelm arrives at the Paris Appeals Court as French judges are set to rule today on Swiss bank UBS’s delayed appeal against a 4.5 billion-euro fine for allegedly helping wealthy clients stash undeclared assets offshore, in Par

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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.

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

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