10:30 AM EDT, 03/10/2025 (MT Newswires) -- UBS Group's ( UBS ) UBS Europe unit, formerly UBS France, was convicted in a French court of harassing two whistleblowers who exposed its actions to help tax evaders, Bloomberg reported Monday.

The Paris criminal court found the UBS unit guilty of penalizing its former auditor Nicolas Forissier and Stephanie Gibaud, the report said. According to the court ruling cited by Bloomberg, the company retaliated against Forissier by sidelining him and declining to promote him to the role of executive director.

The unit was given a penalty of 75,000 euros ($81,300), which is the maximum penalty allowed legally at the time of the crime. The court also awarded Forissier 50,000 euros in damages, according to the report.

UBS said in a statement to the news outlet that the conviction was "unjust," and that it plans to "analyze the decision and decide on the next steps."

UBS did not immediately reply to a request for comment from MT Newswires.

Shares were 5% lower in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 32.45, Change: -1.70, Percent Change: -4.98