The judges called into question the validity of a €1 billion confiscation order and the justification for €800 million in reparation awarded to the French state. The judges upheld a lower court’s money laundering conviction against UBS but said the overall penalty should be reexamined. (Bloomberg) - UBS Group AG won a French top court ruling that may help it cut a €1.8 billion ($2 billion) penalty it got two years ago for helping wealthy French clients stash away undeclared funds in Swiss accounts, extending a decade-long spat yet further.
