France’s top court struck down a fine of 1.8 billion euros (U.S. $2 billion) imposed on UBS in 2021 by a lower court, despite upholding a guilty verdict related to money laundering and tax fraud in the Swiss bank’s cross-border activities.
The decision, released Wednesday by the Cour de Cassation, means the guilty finding against UBS delivered by the Paris Court of Appeal in December 2021 will stand. But the French Supreme Court ordered the appeals court to hold a new trial to reconsider whether a fine should be imposed at all and, if so, the size of the penalty.
