FIRST AIRED: February 20, 2019

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Swiss bank UBS faces a final five point one billion dollars for heating tax fooled the penalty set by a French court on Wednesday it found UBS guilty of illegally soliciting clients in France and then laundering the proceeds of tax evasion the bank's denies any wrongdoing and says it will appeal the decision it called the ruling incomprehensible the fine would exceed UBS's net profit for twenty eighteen it's also more than double the amount the bank set aside to cover potential losses from litigation now the ruling marks an end to a seven year investigation and aborted settlement talks prosecutors said UBS laundered money on an industrial scale they say bank stove used computers fitted with software allowing the data to be rapidly erased defense lawyers all you the bank is the victim of a case that has become politicized any appeal means it will now probably be years before a final conclusion to the saga