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UBS fined €3.7bn in tax fraud case

UBS fined €3.7bn in tax fraud case

Swiss banking giant UBS has been fined €3.7bn (£3.2bn; $4.2bn) in a French tax fraud case. A court in Paris found that the bank had illegally helped French clients hide billions of euros from French tax authorities between 2004 and 2012. UBS has denied any wrongdoing and a lawyer representing the firm said it would appeal against the ruling.

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