France’s supreme court on Wednesday annulled penalties of 1.8 billion euros ($1.96 billion) imposed on Swiss bank UBS (UBSG.S) in 2021 in a major tax fraud case.
The case will now go back to a lower court for a new decision on the penalties, the court said in its ruling.
The court partially accepted an appeal by UBS against a decision taken by a lower court in 2021, which had imposed the penalties of 1.8 billion against the bank for allegedly helping wealthy clients in France evade taxes.
($1 = 0.9207 euros)
Reporting by Tassilo Hummel, editing by Silvia Aloisi
