French court postpones verdict in UBS 4.5 bln euros tax case until Dec. 13

Business

French court said on Monday it has postponed until Dec. 13 a verdict on Swiss bank UBS’s (UBSG.S) appeal against a 4.5 billion-euro fine for allegedly helping wealthy clients stash undeclared assets offshore.

UBS is looking to overturn a 2019 French court ruling in which it was found guilty of soliciting clients illegally at sporting events and parties in France, and of laundering the proceeds of tax evasion.

It was hit at the time with a record 4.5 billion euros ($5.32 billion) in penalties as a result, including a 3.7 billion euros fine and 800 million euros in civil damages.