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French court fines UBS 4.5 billion euros in tax fraud case

Reuters Wednesday, 20 February 2019
A French court on Wednesday found Swiss bank UBS AG guilty of illegally soliciting clients in France and laundering the proceeds of tax evasion, and ordered it to pay 4.5 billion euros ($5.10 billion) in penalties.
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News video: UBS to appeal after fined 5.1 billion dollars in French tax fraud case

▶ UBS to appeal after fined 5.1 billion dollars in French tax fraud case 01:00

A French court found Swiss bank UBS AG guilty of illegally soliciting clients and laundering the proceeds of tax evasion, ordering it to pay 4.5 billion euros ($5.1 billion) in penalties. As Julian Satterthwaite reports, the bank says it will appeal the decision.

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