A French appeals court ordered UBS Group AG on Monday to pay around $2 billion for helping wealthy clients in France evade taxes, reducing the size of an earlier penalty of around $5 billion.
The case has hung over UBS for years. The Swiss banking giant is one of the world’s biggest wealth managers. The original 2019 verdict was large enough to threaten its financial health and reputation as an institution entrusted with helping rich people care for their wealth.
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