French Supreme Court refers UBS legavy matter to Appeals Court

The French Supreme Court issued a judgement on a legacy matter related to UBS‘s cross-border business activities in France between 2004 and 2012. The Supreme Court upheld the previous court decision regarding unlawful client solicitation and aggravated laundering of the proceeds of tax fraud, while overturning the confiscation of EUR 1bn, the fine of EUR 3.75m and EUR 800m in civil damages awarded to the French state. The case is now being referred back to the Paris Court of Appeal, which will reconsider the overturned elements and deliver its judgement after a new trial. While UBS is pleased that the highest court in France agrees with its position on these important aspects of the legal case, UBS is disappointed that the French Supreme Court has confirmed the previous court decision regarding unlawful client solicitation and aggravated laundering of the proceeds of tax fraud despite the treaty between Europe and Switzerland on the taxation of savings income and a lack of specific evidence for the alleged facts. UBS continues to maintain that it acted in accordance with all applicable laws and regulations at all times. UBS will defend itself in the forthcoming trial.