French court fines Swiss bank UBS record €3.7 billion for tax fraud


A Paris court on Wednesday fined Swiss banking giant UBS 3.7 billion euros ($4.2 billion) in a landmark tax fraud case, setting a record for France.

Switzerland’s largest bank was convicted of illegally helping its wealthy clients in France to hide billions of euros from French tax authorities between 2004 and 2012 and launder the proceeds.

UBS denied any wrongdoing and the case could drag on for years if appealed by the Swiss bank, which has set aside $2.46 billion to cover potential losses from litigation and regulatory requirements.