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UBS Is Leaning Toward Appeal to France’s Top Court in Tax Case

  • Bank sees guilty plea as potentially having broad consequences
  • Also considering appeal of $2 billion in financial penalty
Updated on

UBS Group AG is leaning toward appealing a French court’s decision that found it guilty of helping clients evade taxes and said it should pay $2 billion in penalties in the seven-year legal case. 

Top executives at the Zurich-based lender are reluctant to accept a guilty decision that could compromise their business in other jurisdictions, according to a person with knowledge of the matter. The Swiss lender is also leaning towards challenging the court’s decision on the financial penalties, the person said, asking not to be identified as the deliberations are private.