UBS: ordered to pay E3.7bn fine in France

(CercleFinance.com) - The UBS share is in a spin, dropping 3.
7% in Zurich this afternoon, after the Swiss bank has been ordered to pay a fine of 3.7 billion euros for "illicit solicitation and laundering of the proceeds of tax fraud," as well as civil damages of 800 million euros.

Protesting its strong disagreement with this verdict, the banking group challenge all form of criminal act in this case and considers that it "lacks proof and a credible methodology for the calculation of the fine and damages". UBS hence intends to appeal against this decision.



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