France's supreme court, the Court of Cassation, has referred a tax fraud case against UBS to an appeals court to reconsider a fine, after overturning EUR1.8 billion in penalties levied against the bank in 2021.

The annulled penalty was made up of a EUR1 billion state confiscation and EUR800 million in civil damages to the state.

The bank's appeal was partially succesful as the supreme court found that the lower court did not provide adequate justificaiton for the amount.<...