By Tassilo Hummel, Mathieu Rosemain and Noele Illien
PARIS (Reuters) – France’s top court on Wednesday ruled a new trial should be held over a 1.8 billion-euro ($1.95 billion) fine against UBS for allegedly promoting illegal banking services and money laundering in the country.
The court, which also upheld the guilty verdict against the bank, said a new trial would need to take place at the Paris appeals court to determine a new fine, if any.
The ruling reverses and annuls the decision of the Paris Court of Appeal from Dec. 13, 2021, but only insofar as it relates to penalties and civil interests, all other provisions being expressly maintained, the court said.
The decision by the Cour de Cassation, France’s highest judicial court, means the guilty verdict on UBS is final. The court strikes down previous rulings if they didn’t follow legal proceedings properly.
The ruling once again extends uncertainty over the fine for the Swiss bank, which sought to overturn the verdict and penalty for having allegedly wooed wealthy French clients into hiding undeclared funds in Swiss bank accounts between 2004 and 2012.
It prolongs a long legal saga that has lasted for more than a decade and saw some of the bank’s representatives grilled by French judges.
($1 = 0.9207 euros)
(Reporting by Tassilo Hummel and Mathieu Rosemain; Editing by Silvia Aloisi and Mark Potter)
