Wednesday, August 12, 2009

US and UBS initial deal in tax dispute

From Reuters a few minutes ago:

"The U.S. government and Swiss bank UBS AG (UBSN.VX)(UBS.N) have initialled agreements to settle their tax evasion dispute, a U.S. government attorney said on Wednesday, ending weeks of tough negotiations between the two sides.

The settlement was expected to involve the disclosure to U.S. authorities of the names of thousands of wealthy American clients of UBS suspected of using offshore accounts at the bank to conceal assets and evade U.S. taxes."

The New York Times yesterday said that

"Lawyers involved in the case now say they believe UBS will agree to turn over up to 10,000 account holders’ identities."

We'll comment more when we know more.

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