USB files appeal against money-laundering verdict

The Supreme Court can only rule on a legal technicality, rather than the merit of the case. If it finds in favour of UBS, the case returns to the appeal court.

The Paris appeals court reduced UBS's penalty to EUR 1.8 billion, less than half of an overall fine of EUR 4.5 billion imposed against the bank after a first trial in 2019.

Confirming the verdict of the 2019 trial, the appeals court found UBS guilty of soliciting clients illegally at sporting events and parties in France, and of laundering the proceeds of tax evasion.

UBS has already set aside EUR  450 million in provisions in connection with the case.

Lawyers for the bank had argued in the appeals trial that despite whistleblowers coming forward, investigators had never found clear evidence of systematic attempts by UBS sales consultants to canvass French customers, including at client events like cocktail parties and hunts.

The bank had also argued that the original fine was disproportionate.