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French court ruling due in UBS $6 billion tax case

WorldNews Wednesday, 20 February 2019
French court ruling due in UBS $6 billion tax caseBy Inti Landauro and Emmanuel Jarry PARIS, Feb 20 (Reuters) - A French court will rule on Wednesday whether UBS, Switzerland's largest bank, helped wealthy French clients evade taxes between 2004 and 2012 and launder the proceeds. French prosecutors are demanding a 3.7 billion euro ($4.2 billion) fine, while the French state is seeking an additional 1.6 billion euros in damages. Such a combined penalty would be a record for France and exceed the Swiss bank's 2018 net profit. UBS denies any wrongdoing and...
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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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