UBS fined 75,000 euros in France for harassing two whistleblowers

A French court fined Swiss bank UBS 75,000 euros on Monday for the psychological harassment of two whistleblowers who had denounced a system that helped moneyed French clients dodge taxes.

Capping a 15-year legal saga, UBS Europe, which has absorbed its French subsidiary, was also ordered to pay 50,000 euros ($54,000) in damages to Nicolas Forissier, the former head of internal auditing.

The other victim, former marketing manager Stephanie Gibaud, reached an agreement with the bank.

But UBS was acquitted of charges of witness tampering and obstruction of the functioning of an internal committee.

The bank and its French subsidiary were also definitively convicted of having set up a system of massive tax evasion between 2004 and 2012.

Forissier's lawyer, William Bourdon, said it was the first time in France that a former employer of a whistleblower had been convicted of psychological harassment.

While the amount of the fine "seems a little paltry", "we are happy and proud of this decision," Bourdon said. "It is also a powerful message to the whistleblowers of tomorrow."

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Forissier said: "The truth has come out."

"I did my job, nothing more, but I served the interests of the state, and I respected the law of my country. I am very, very proud of that."

The bank said it was satisfied with the ruling.

"We are pleased that the court has acquitted UBS on the charges of witness tampering and obstruction of the functioning of an internal committee," it said.

"However, we disagree with the convictions for psychological harassment, which we find unjust. We will thoroughly analyse the decision and decide on next steps."

During the hearing, the public prosecutor had requested the maximum fine of 225,000 euros for the three offenses.

Source: AFP