FRENCH judges are set to rule today on whether to overturn a record 4.5-billion-euros (US$5.1 billion) fine against Swiss bank UBS for allegedly helping wealthy clients stash undeclared assets offshore.

The case is being watched by banks to see if it signals a toughening European stance. Fines in Europe for tax-related and other offences have in the past been smaller than in the United States, but the size of the UBS penalty has proved an exception.

The Paris appeals court is set to rule on whether to confirm or adjust the penalty against Switzerland’s largest lender, which was imposed after an initial trial in 2019.

UBS appealed against the verdict that found it guilty of illegally soliciting clients at sporting events and parties in France, and laundering the proceeds of tax evasion.

(SD-Agencies)