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France's supreme court annuls penalties against UBS in tax evasion case - ruling

Published 11/15/2023, 08:20 AM
Updated 11/15/2023, 08:25 AM
© Reuters. FILE PHOTO: A UBS logo is seen next to Credit Suisse at the Bahnhofstrasse before a news conference of Swiss bank UBS in Zurich Switzerland, August 30, 2023.  REUTERS/Denis Balibouse

PARIS (Reuters) - France's supreme court on Wednesday annulled penalties of 1.8 billion euros ($1.96 billion) imposed on Swiss bank UBS in 2021 in a major tax fraud case.

The case will now go back to a lower court for a new decision on the penalties, the court said in its ruling.

The court partially accepted an appeal by UBS against a decision taken by a lower court in 2021, which had imposed the penalties of 1.8 billion against the bank for allegedly helping wealthy clients in France evade taxes.

($1 = 0.9207 euros)

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