UBS slams French verdict in tax evasion trial

UBS slammed a French court verdict on Wednesday ordering the Swiss bank to pay 4.5 billion euros ($5.10 billion) after finding it guilty of aiding tax evasion.

“The conviction is not supported by any concrete evidence, but instead is based on the unfounded allegations of former employees who were not even heard at the trial,” Switzerland’s biggest bank said in a statement.

“UBS will appeal the verdict and evaluate whether the written decision requires any additional steps,” it added.