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UBS said it would appeal €3.7 billion in fines from a French court over allegations of laundering illicit funds for clients who concealed taxes from authorities. (iStock)

UBS Fined €3.7B By French Court In Tax Fraud Case

A French court hit Swiss bank UBS AG with €3.7 billion ($4.2 billion) in fines on Wednesday after finding it guilty of laundering illicit funds for clients who allegedly concealed tax from authorities, the bank said in a statement, adding that it will appeal the decision.

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UK Pensions Watchdog Authorizes 1st Multiemployer Scheme

Britain's pensions regulator said Wednesday that it has authorized the U.K.'s first multiemployer pension scheme under new, tougher standards aimed at protecting almost 14 million retirement savers.

‘Last Man Standing’ Plea Stops Money-Laundering Trial

The trial in London of two men accused of conspiring to launder millions of pounds through retail banks was called off Wednesday after one defendant walked into court and changed his plea to guilty and the second also buckled hours later.

Ex-Barclays Chair In Dark Over Secret Qatar Fees, Jury Told

The former chairman of Barclays PLC told a London court on Wednesday that he did not know the bank had paid £280 million ($365 million) to Qatari investors in a side deal to secure funding at the height of the financial crisis.

FCA Spares Wholesale Insurers From Competition Sanctions

The Financial Conduct Authority offered relief to the U.K.’s wholesale insurance brokers on Wednesday, saying it will not introduce “intrusive” remedies to promote competition in the market, although the watchdog said businesses must do better.

Unknown Driver Can't Be Sued For Crash, Top UK Court Says

A woman injured in a hit-and-run accident cannot sue the unidentified driver at fault for the crash if that person is known only by a fictitious name or general description, and cannot pursue the insurer instead, Britain's highest court ruled Wednesday.  

Hacking Suspect Lauri Love Can’t Reclaim Seized Computers

A London judge ruled Tuesday that Lauri Love, a British man charged with a series of hacks into U.S. government websites, can't get back computers and hard drives confiscated by the U.K.'s National Crime Agency, saying some of the data on the devices "belongs to others."

Ex-Barclays Chair Feared Capital Plans Looked 'Too Clever'

The man who chaired Barclays PLC during the financial crisis told a jury in London on Tuesday that he was concerned the bank could appear "too clever by half" in its attempts to raise capital from a group of investors as it sought to avoid a bailout by the U.K. government.

Insurer Aviva's €9B Brexit Transfer Scheme Gets Nod

Aviva PLC can transfer its €9 billion ($10.15 billion) European business from the U.K. to Ireland to address concerns that a hard Brexit will disrupt operations in the bloc, a judge in London ruled on Tuesday, as the insurer becomes the latest to ink a backup plan ahead of March 29. 

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