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UBS Settles Long-Running French Tax Case for $985 Million
UBS will pay €730 million in fines and €105 million in damages after being found guilty of tax fraud and illegal banking activities involving wealthy French clients, authorities said.
- UBS will pay €835 million to settle a French legal case over taxes, according to UBS and French authorities on September 23.
- The settlement includes a €730 million fine and €105 million in damages, significantly lower than the original €4.5 billion penalty from 2019.
- The French Supreme Court confirmed UBS's guilt for unlawful client solicitation and money laundering between 2004 and 2012, according to UBS.
- UBS's former French unit was found guilty of harassing whistle-blowers reporting tax dodging efforts.
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The banking giant was sentenced on Tuesday to a fine of 730 million euros and 105 million euros in damages to the French state.
The Swiss bank has finally resolved an old 2019 dispute concerning the illegal marketing of wealthy customers and the laundering of tax fraud.
·Paris, France
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The company had been convicted of "illegal marketing of customers and aggravated money laundering" and will pay out, in detail, €730 million in fines and €105 million in damages.
·Paris, France
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Total News Sources27
Leaning Left7Leaning Right1Center0Last UpdatedBias Distribution88% Left
Bias Distribution
- 88% of the sources lean Left
88% Left
L 88%
12%
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