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French court fines Swiss bank UBS 3.7 bln euros for tax fraud

PARIS, Feb 20 (Reuters) - A French court on Wednesday found Swiss bank UBS AG guilty of laundering the proceeds of tax evasion and fined it 3.7 billion euros ($4.20 billion).

The judges did not immediately announce any compensation to the French state for lost tax revenues. The state had sought an additional 1.6 billion euros in damages.

($1 = 0.8816 euros) (Reporting by Inti Landauro; Editing by Richard Lough)