Legal
UBS To Appeal French Court's Decision
The legal wrangle between the Swiss bank and French legal system continues.
UBS yesterday announced
that it has filed an appeal with the French Supreme Court after
the Court of Appeal in Paris last week imposed €800 million ($903
million) in damages on the bank, and confiscated €1.0 billion, in
a case where the lender had been accused of helping tax
evaders.
“The notice of appeal was filed within the statutory five-day
notice period to preserve UBS AG’s rights. This enables UBS AG to
thoroughly assess the verdict of the Court of Appeal and to
determine next steps in the best interest of its stakeholders,”
Zurich-listed UBS said in a statement.
Last week the court imposed the damages figure and confiscation
order, as well as a €3.75 million penalty that had been slashed
on a previous figure of €3.7 billion. The original penalties had
been imposed in 2019.
To see the most recent story on the matter,
click here.
