UBS Faces $3.6 Billion Bill Even as French Must Ask Fine Cut
- UBS appealing 4.5 billion-euro French penalty from 2019
- Prosecutors aim for smaller fine after top court guidance
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French prosecutors and lawyers for the government said UBS Group AG should be ordered to pay 3 billion euros ($3.6 billion) -- 33% less than the original judgment -- for allegedly helping French clients hide money from the nation’s tax authorities.
Prosecutor Serge Roques asked a Paris court of appeals to impose a 2 billion-euro fine on UBS, acknowledging the limits set by recent guidance from France’s top court. The French state, which is a plaintiff in the case, is also seeking 1 billion euros in damages from the bank in addition to any court-imposed penalties.