UBS AG announced today that it has resolved the legacy matter concerning its cross-border business activities in France between 2004 and 2012.
As part of the resolution, UBS AG agreed to pay a fine of €730 million and €105 million in civil damages to the French State.
In 2023, the French Supreme Court definitively confirmed the Paris Court of Appeal’s prior decision finding UBS guilty of unlawful client solicitation and aggravated money laundering but referred the financial penalty and civil damages to be re-assessed by the lower court.
The resolution of this legacy case is in line with UBS’s intention to resolve such matters in the best interests of all its stakeholders.
UBS is fully provisioned for the matter.
