UBS Ends French Tax-Dodge Saga With $985 Million Settlement (1)

UBS Group AG ended a long-running legal case over helping French citizens dodge taxes by agreeing to pay €835 million in fines and damages, less than a fifth of the original penalty.

The Swiss bank said Tuesday that it would pay a fine of €730 million euros and €105 million euros in civil damages to the French State to settle the case, which relates to activities between the years 2004 to 2012. That compares with the €4.5 billion penalty originally handed down in 2019, then the largest-ever fine in a criminal case.

UBS had been found guilty of covertly ...