11/15/2023

France's Top Court Demands New Trial over $2 Billion UBS Fine

The new trial will take place within a Paris appeals court

On Wednesday, France's top court ruled a new trial should be held over a 1.8 billion-euro ($1.95 billion) fine against UBS 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.

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