France’s highest court has ordered a new trial over a $2 billion UBS fine
On Wednesday, France’s highest court determined that a 1.8 billion-euro ($1.95 billion) fine against UBS for allegedly promoting illegal financial services and money laundering in the country should be retried.
The court, which also confirmed the bank’s guilty conviction, stated that a new trial would be required at the Paris appeals court to establish a new fine, if any.
On Wednesday, France’s highest court determined that a 1.8 billion-euro ($1.95 billion) fine against UBS for allegedly promoting illegal financial services and money laundering in the country should be retried.
The court, which also confirmed the bank’s guilty conviction, stated that a new trial would be required at the Paris appeals court to establish a new fine, if any.
The result adds to the Swiss bank’s anxiety over the fine, which attempted to reverse the verdict and punishment for allegedly luring wealthy French clients into hiding undeclared cash in Swiss bank accounts between 2004 and 2012.
It extends a lengthy legal struggle that has lasted more than a decade and has seen some of the bank’s representatives cross-examined by French courts.
