Key Points
SummaryCompaniesUpholds guilty verdictNew trial to take place at Paris appeals courtProlongs uncertainty over possible final fine..
PARIS, Nov 15 (Reuters) - France's top court on Wednesday ruled a new trial should be held over a 1.8 billion-euro ($1.95 billion) fine against UBS (UBSG.S) for promoting illegal banking services and money laundering in the country...
The court, which also upheld the guilty verdict against the bank, said a new trial would need to take place at the Paris appeals court to determine a new fine, if any...
The ruling reverses and annuls the decision of the Paris Court of Appeal from Dec. 13, 2021, but only insofar as it relates to penalties and civil interests, all other provisions being expressly maintained, the court said.. UBS's shares, which were already up on the day, spiked as much as 3% more after news broke that the 1.8 billion-euro fine was struck down..
The 1.8 billion-euro fine ordered two years ago against UBS in France was less than half an initial overall penalty of 4.5 billion imposed on the bank after a first trial in 2019...
You might be interested in
French court to rule in November on UBS' tax evasion appeal -UBS lawyer
27, Sep, 23France's top court will rule on Nov. 15 on an appeal by UBS (UBSG.S) against its conviction in a tax evasion case which drew a 1.8 billion-euro ($1.90 billion) penalty, the Swiss bank's lawyer Patrice Spinosi said on Wednesday.