A&O Shearman assists UBS in resolving criminal proceedings in France relating to its past cross-border activities

UBS AG agreed to pay a fine of EUR730 million and EUR105m in damages to the French state, thereby ending the proceedings against it. This resolution follows a ruling by the Court of Cassation, which overturned all of the penalties and damages imposed on UBS (EUR4.5 billion in the first instance and EUR1.8bn on appeal) and referred the case back to the Paris Court of Appeal.

Denis Chemla, partner at A&O Shearman, global co-head of investigations and white-collar crime, commented: “This is a fair and balanced outcome, in line with UBS’s intention to resolve legacy matters in the best interests of all stakeholders. It marks the conclusion of a complex, long-standing proceeding, highlighting our team’s unique expertise in white-collar crime litigation.”

The A&O Shearman team included partners Denis Chemla, Hippolyte Marquetty and Paul Fortin, supported by associates Vincent Nedelec and Pedro-Alejandro Hejoaka.