France's supreme court annuls penalties against UBS in tax evasion case - ruling

France's supreme court on Wednesday annulled penalties of 1.8 billion euros ($1.96 billion) imposed on Swiss bank UBS 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)