UBS Group on Wednesday will seek to convince France’s top court to overturn a reputation-damaging conviction and €1.8 billion ($1.9 billion) penalty for helping wealthy French clients stash away undeclared funds in Swiss accounts.
The hearing comes nearly two years after the Paris court of appeals more than halved UBS’s initial fine but upheld a finding that the firm had illegally laundered funds.
The UBS legal saga in France has rumbled on for more than a decade. It’s featured failed settlement talks, a banking boss calling his staffers “egomaniacs,” a whistle blower spying on former colleagues during tennis matches at the French Open and investigators accusing the bank of deploying tactics “worthy of James Bond” to avoid detection by authorities.
The Cour de Cassation will examine UBS’s guilt, the penalty it received and the damages award. UBS’s total penalty included €800 million in reparation for the French state, a €1 billion confiscation order and a €3.75 million fine.
UBS declined to comment ahead of the hearing.
UBS was also convicted of covertly and unlawfully dispatching Swiss bankers in France to encourage prospective clients to move money across the border.
The nation’s top court could take several months to deliver a verdict. If its interpretation diverges from the 2021 ruling, it could opt for a re-examination by a different panel of judges at the Paris appeals court.
UBS acquired local rival Credit Suisse in a rescue that closed in June. The deal has set the bank on one of the most complex integrations since the financial crisis, which includes efforts to keep key talent in certain areas while shedding other aspects of the business.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.