French court fines Swiss bank UBS 3.7 billion euros for tax fraud

PARIS (Reuters) - A French court on Wednesday found Swiss bank UBS AG guilty of laundering the proceeds of tax evasion and fined it 3.7 billion euros ($4.20 billion).

The judges did not immediately announce any compensation to the French state for lost tax revenues. The state had sought an additional 1.6 billion euros in damages.

($1 = 0.8816 euros)

(Reporting by Inti Landauro; Editing by Richard Lough)