UBS to pay EUR835M in France after Supreme Court confirms guilty finding

Rhea-AI Filing Summary

UBS resolved a legacy French tax matter and will pay EUR835 million in total. The bank agreed to a EUR730 million fine plus EUR105 million in civil damages related to cross-border business in France between 2004 and 2012. The French Supreme Court had upheld a prior finding that UBS was guilty of unlawful client solicitation and aggravated money laundering while remanding the penalty and damages for reassessment. UBS says the settlement is aligned with its intention to resolve legacy matters in stakeholders' interests and that it is fully provisioned for the payment.

Positive

• Legacy case resolved removing prolonged legal uncertainty
• Full provisioning indicates UBS had already recognised the expected charge
• Definitive settlement avoids further appeals or prolonged litigation risk related to this matter

Negative

• Significant cash payment of EUR835 million comprising a EUR730 million fine and EUR105 million in civil damages
• Supreme Court confirmed guilty finding for unlawful client solicitation and aggravated money laundering related to 2004-2012 activities

Insights

Legal and Compliance Specialist

TL;DR: UBS settled a long-running French legal case for EUR835 million after a Supreme Court finding of guilt; the matter is now closed.

The company announced a definitive resolution of historic cross-border activity in France from 2004-2012 with a combined fine and civil damages payment of EUR835 million. The French Supreme Court previously upheld the underlying finding of unlawful client solicitation and aggravated money laundering but sent the penalty and damages back to the lower court for reassessment. The settlement eliminates ongoing legal uncertainty from this legacy matter. UBS states it is fully provisioned, indicating no additional immediate reserve need for this specific case.

Financial Analyst

TL;DR: Material cash outflow but already provisioned; this reduces legal overhang without surprising the P&L if provisions were adequate.

UBS will pay EUR835 million composed of a EUR730 million fine and EUR105 million in civil damages. The firm reports being fully provisioned for the amount, implying the charge should not create an unexpected earnings hit when paid. The resolution removes a long-dated contingent liability tied to cross-border French activities from 2004-2012, which may improve future earnings clarity. No other financial metrics or impacts were disclosed in the release.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

Date: September 23, 2025

UBS Group AG

(Registrant's Name)

Bahnhofstrasse 45, 8001 Zurich, Switzerland

(Address of principal executive office)

Commission File Number: 1-36764

UBS AG

(Registrant's Name)

Bahnhofstrasse 45, 8001 Zurich, Switzerland

Aeschenvorstadt 1, 4051 Basel, Switzerland 

(Address of principal executive offices)

Commission File Number: 1-15060

Indicate by check mark whether the registrants file or will file annual reports under cover of Form

20-F or Form 40-

F.

Form 20-F 

☒

 Form 40-F 

☐

This Form 6-K consists of the news release that immediately follow this page.

Media Relations

Tel. +41 44 234 8500

Investor Relations

Tel. +41 44 234 4100

UBS Group AG and UBS AG, News Release, 23 September 2025 Page 1

23 September 2025

News Release

UBS resolves legacy French tax matter, pays EUR835 million

Zurich, 23 September 2025 - UBS AG is pleased to announce it has resolved the legacy matter

concerning its cross-border business activities in France between 2004 and 2012. 

As part of the resolution, UBS AG agreed to pay a fine of EUR730 million and EUR105 million in civil

damages to the French State. 

In 2023, the French Supreme Court definitively confirmed the Paris Court of Appeal’s prior decision

finding UBS guilty of unlawful client solicitation and aggravated money laundering but referred the

financial penalty and civil damages to be re-assessed by the lower court.

The resolution of this legacy case is in line with UBS’s intention to resolve such matters in the best

interests of all its stakeholders.

UBS is fully provisioned for the matter. 

UBS Group AG and UBS AG

Media contact

Switzerland +41 44 234 85 00

UK +44 207 567 47 14

Americas +1 212 882 58 58

APAC +852 297 1 82 00

Investor contact

Switzerland +41 44 234 41 00

Americas +1 212 882 57 34

www.ubs.com/media

This media release contains statements that constitute “forward-looking statements”, including but not limited to

management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and

strategic initiatives on UBS’s business and future development and goals or intentions to achieve climate, sustainability and other

social objectives. While these forward-looking statements represent UBS’s judgments, expectations and objectives concerning the

matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to

differ materially from UBS’s expectations. UBS’s business and financial performance could be affected by other factors identified

in our past and future filings and reports, including those filed with the SEC. More detailed information about those factors is set

forth in documents furnished by UBS and filings made by UBS with the SEC, including the Risk Factors included in the Annual

Report of UBS Group AG report for 2024 filed on Form 20-F. UBS is not under any obligation to (and expressly disclaims any

obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or

otherwise.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report

to be signed on their behalf by the undersigned, thereunto duly authorized.

UBS Group AG

By: _/s/ David Kelly______________

Name: David Kelly

Title: Managing Director

By: _/s/ Ella Copetti-Campi_________

Name: Ella Copetti-Campi

Title: Executive Director

UBS AG

By: _/s/ David Kelly______________

Name: David Kelly 

Title: Managing Director

By: _/s/ Ella Copetti-Campi________

Name: Ella Copetti-Campi

Title: Executive Director

Date: September 23, 2025

FAQ

What did UBS (UBS) announce regarding the French case?

UBS announced it resolved the legacy French matter and agreed to pay a total of EUR835 million comprising a EUR730 million fine and EUR105 million in civil damages.

Was UBS found guilty by the French courts?

Yes. The French Supreme Court definitively confirmed the Paris Court of Appeal's prior finding that UBS was guilty of unlawful client solicitation and aggravated money laundering.

Will this payment affect UBS's financials unexpectedly?

UBS states it is fully provisioned for the matter, indicating the charge was already recognised and should not create an unexpected immediate earnings hit related to this settlement.

What period and activities does the settlement relate to?

The resolution concerns UBS's cross-border business activities in France between 2004 and 2012.

Does UBS expect to update forward-looking statements about this matter?

The release contains standard forward-looking disclaimers and states UBS is not under any obligation to update or alter forward-looking statements as a result of new information or future events.