Judges have adjourned the case of UBS Group AG appeal previously scheduled for June. The court convicted the lender in February 2019 for money laundering, tax fraud and dispatching bankers across the border to acquire new clients, when they are not authorized to operate in France. The case involves a French fine of $4.9 billion placed on UBS Group AG for hiding undeclared funds in offshore accounts. The adjournment was issued due to the coronavirus pandemic. The court will announce the new dates for the hearing before the end of the year.
The Switzerland-based bank has consistently contested allegations in the case during the investigation and initial trials.