Prime seats at the French Open. The financial giant UBS spared no expense in enticing wealthy French people to open bank accounts in Switzerland. The penalty, the largest in French history, included €800 million to be paid to the government, which said it had lost revenue as a result of UBS’s helping French citizens evade taxes from 2004 to 2012. UBS said in a statement that it “strongly disagrees with the verdict” and that it planned to appeal. “The bank has consistently contested any criminal wrongdoing,” the statement said, adding that the judgment was “not supported by any concrete evidence.”

Source: New York Times February 20, 2019 20:26 UTC