Swiss bank UBS fined €3.7 billion in French tax fraud case

Swiss banking company UBS has been fined €3.7 billion in a French tax fraud case.
A court in Paris found that the bank had illegally helped French clients hide billions of euros from French tax authorities between 2004 and 2012.
UBS has also been ordered to pay damages of €800 million to the French state.
UBS said it had consistently contested any criminal wrongdoing and would appeal the verdict.
The bank had to pay large fines following similar cases in the US in 2009 and Germany in 2014.

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