French judges are set to rule on Monday on whether to overturn a record 4.5 billion euro ($5.1 billion) fine against Swiss bank UBS for allegedly helping wealthy clients stash undeclared assets offshore.
The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland February 17, 2021. REUTERS/Arnd Wiegmann//File PhotoZURICH, Dec 13 - French judges are set to rule on Monday on whether to overturn a record 4.5 billion euro fine against Swiss bank UBSThe case is being watched by banks to see if it signals a toughening European stance.
The Paris appeals court is set to rule on whether to confirm or adjust the penalty against Switzerland's largest lender, which was imposed after an initial trial in 2019.UBS appealed against the verdict that found it guilty of illegally soliciting clients at sporting events and parties in France, and laundering the proceeds of tax evasion.
Lawyers for UBS argued in the appeals trial that, despite whistleblowers coming forward, investigators had never found clear evidence of systematic attempts to canvass French customers by UBS commercial specialists.Prosecutors in the appeals trial said they would seek a fine of at least 2 billion euros, while the French state is looking for 1 billion euros in damages - bringing total penalties to closer to 3 billion euros.
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