A Paris court has slashed the penalty UBS must pay for allegedly helping wealthy clients in France to evade taxes to 1.8 billion Euros
The Appeals Court upheld that the Swiss bank was guilty of both promoting illegal banking services, and money laundering.
The revised penalty is less than half of its overall fine of 4.5 billion euros imposed against the bank after a 2019 trial.
Shares rose more than 2-percent after Monday’s verdict.
But the bank had hoped to see the charges thrown out by the appeals court, particularly around the money laundering allegation because of the potential damages.
The banks says it will decide on whether to lodge an appeal against the ruling with France’s Supreme Court.
Here’s a Former UBS Banker, turned whistleblower who was at the verdict.
