The bank was fined 4.5 billion euros. The Paris Court of Appeal did not accept the systemic reasoning of the judges of the court. It nevertheless condemns the Swiss bank suspected of having encouraged wealthy French customers to defraud the tax authorities.

We had to do the accounts. The judgment read out at machine gun speed by President François Reygrobellet in a tiny, stuffy and crowded courtroom left little time for reflection. But UBS AG has already noted the main thing: in all, the conviction for illicit bank canvassing and laundering of aggravated tax fraud amounts to 1.803 billion euros. A huge drop compared to the first instance sanction, which condemned the bank to a record fine of 4.5 billion euros. In detail, the court condemns the Swiss bank to a fine of 3.75 million euros, to which is added an additional penalty of 1 billion euros in confiscation, and 800 million euros in damages which should be paid to the state. The judges therefore recognize the guilt of the Swiss bank but, for lack of objective evidence to calculate the fine, apply the maximum sanction provided for by law.