French court to rule on $5 bn UBS fine for helping clients to evade taxes

The Paris appeals court is set to rule on whether to confirm or adjust the penalty against Switzerland's largest lender, which was imposed after an initial trial in 2019.

French judges are set to rule on Monday on whether to overturn a record 4.5 billion euro ($5.1 billion) fine against Swiss bank UBS for allegedly helping wealthy clients stash undeclared assets offshore.

The case is being watched by banks to see if it signals a toughening European stance. Fines in Europe for tax-related and other offences have in the past been smaller than in the United States, but the size of the UBS penalty has proved an exception.

The Paris appeals court is set to rule on whether to confirm or adjust the penalty against Switzerland's largest lender, which was imposed