French court slashes UBS Group penalties to 1.8 billion euros
A French appeals court on Monday slashed the penalty for UBS Group to around 1.8 billion euros, or $2 billion, for allegedly helping wealthy clients to evade taxes in France
By Shubhangi Mathur
Published - Dec 13, 2021, 10:59 PM ET
Last Updated - Jul 09, 2024, 12:21 AM EDT
• Shares of UBS jumped around 2% after the court slashed the fine
• The bank was earlier fined 4.7 billion euros, equivalent to around $5 billion
A French appeals court on Monday slashed the penalty for UBS Group to around 1.8 billion euros, or $2 billion, for allegedly helping wealthy clients to evade taxes in France.
The bank was earlier fined 4.7 billion euros, equivalent to around $5 billion, in 2019. Shares of UBS jumped around 2% after the court slashed the fine.
