On November 15, 2023, the Cour de Cassation of France ordered a new trial in the UBS Group’s USD 1.96 billion fine for tax evasion related to the promotion of illegal banking services and money laundering in the country.

To know more, read here https://www.fcctimes.com/2023/11/15/ubs-triumphs-on-legal-front-faces-reconsideration-in-landmark-french-supreme-court-ruling/?utm_source=RZOLUTWebsite&utm_medium=fccflash16Nov

The Cour de Cassation of France has ruled that a new trial should be conducted to determine the revised tax evasion fine for UBS. However, the court clarified that the guilty verdict against UBS remains final.

Case Summary:

• In 2019, UBS Group faced its initial trial, resulting in a fine of USD 4.87 billion.
• In 2021, the Cour de Cassation of France penalized UBS AG with a fine of USD 1.95 billion, a penalty of USD 4.06 million, and civil damages of USD 867.4 million in France between 2004 and 2012 due to unlawful solicitation and aggravated laundering of tax fraud proceeds.
• The Paris Court of Appeal has overturned and annulled the 2021 decision regarding penalties, ordering a new trial due to inconsistencies in the prior decision.