Aug 012009
 
 August 1, 2009  Posted by  Court, Featured News, Govt, Non-U.S., U.S.

UBS and the Swiss government, rocked by months of embarrassing details about bank secrecy and guilty pleas for UBS clients, agreed to settle a tax-evasion probe with US authorities.

The agreement appears to signal that thousands of US client accounts, hidden in offshore shadows, will be turned over to US revenue agents.

The settlement, announced during a teleconference with a federal court judge ahead of a scheduled hearing in Miami on Monday, closes one chapter in the long-running case that centred on the Internal Revenue Service’s demand that UBS turn over the identities of 52,000 UBS accounts that belong to US citizens.

Read more of The Wall Street Journal article in The Australian. Law.com also provides coverage.

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