UBS Appeals $2 Billion Tax Penalty at French Supreme Court
- Swiss bank had five days from previous verdict to lodge appeal
- Bank needs to determine steps in stakeholders best interests
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UBS Group AG appealed a court verdict that it helped wealthy French clients stash undeclared funds in Swiss accounts, prolonging a period of legal uncertainty in the seven-year old case.
The Zurich-based bank filed an appeal with the French Supreme Court regarding the ruling, according to a statement late Monday. It had five days from the judgement last week to make the decision.