The Swiss bank is accused of helping wealthy clients in France evade taxes.

France's supreme court yesterday annulled €1.8 billion ($1.96 billion) in penalties that had been imposed on UBS connected with a major fraud case.

The case will now return to a lower court for a new decision on the penalties, the supreme court said.

The court partially accepted an appeal by UBS against a decision taken by a lower court in 2021, which had imposed the penalties against it for allegedly helping wealthy clients in France evade taxes.

“While UBS is pleased that the highest court in France agrees with its position on these important aspects of the legal case, UBS is disappointed that the French supreme court has confirmed the previous court decision regarding unlawful client solicitation and aggravated laundering of the proceeds of tax fraud despite the treaty between the European Union and Switzerland on the taxation of savings income and a lack of specific evidence for the alleged facts,” UBS said in its statement.

“UBS continues to maintain that it acted in accordance with all applicable laws and regulations at all times. UBS will defend itself in the forthcoming trial,” the Zurich-listed bank said.