Before the court case started, UBS had to post 1.1 billion euros in bail. The bank had denied all the allegations.
Illegal Means
Roques went through a complicated explanation to argue that the the fine should be based on 2015 evidence from French investigators that found almost 4,000 French residents with Swiss UBS accounts made late tax payments on assets worth about 3.8 billion euros.
UBS said that the calculation was the result of “a simplistic approach taking into account the full amount regularized by French taxpayers without any proof of an underlying offense.”
This article was provided by Bloomberg News.