So UBS decided to reach a final ruling in the French Court of Cassation. Last Monday, the Court of Appeals also found UBS guilty in second instance of illegal financial dealings and aiding and abetting money laundering. The Cour d’appel court in Paris is demanding a total payment of 1.87 billion Swiss francs. This includes a fine of 3.90 million francs, forfeiture of 1.04 billion francs, and a civil-law compensation payment of more than 830 million francs.
In a press release on Monday evening, UBS said the appeal was filed within a statutory five-day deadline. The step is being taken to protect the rights of UBS AG. The move also allows the bank to analyze in detail the judgment of the Court of Appeal in order to determine how to proceed “in the interest of stakeholders”.
UPS was sentenced to a much higher penalty in the “first round”. The Paris Criminal Court sentenced the bank to nearly 4.7 billion francs in February 2019.
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