MILAN, Italy—An Italian judge has accepted a request by UBS to pay more than 10 million euros ($11 million) to settle a money-laundering investigation, ending one of the Swiss bank’s biggest legal headaches in Europe.
“We are pleased to have resolved this matter,” a UBS spokesperson said in an email to Reuters.
UBS has been grappling with two separate probes in Italy and a court case in France over allegations it enabled cross-border tax cheats to hide assets in Switzerland.
The judge accepted the payment of 2.125 million euros as “agreed penalty” to close the case while also seizing 8.175 million euros as profit from the alleged money-laundering, two sources with direct knowledge of the matter said, according to Reuters.