UBS tax case settlement due before U.S. judge

A federal judge in Miami is due to learn if a settlement has been finalized in the high-stakes attempt by the U.S. government to obtain names of suspected tax evaders with secret accounts at Swiss bank UBS AG.
AUG 07, 2009
A federal judge in Miami is due to learn if a settlement has been finalized in the high-stakes attempt by the U.S. government to obtain names of suspected tax evaders with secret accounts at Swiss bank UBS AG. The U.S. and Swiss governments announced a deal in principle last week. No details have been released. U.S. District Judge Alan S. Gold set a Friday morning hearing, then gave the sides a few more hours and scheduled a new time shortly before noon. The Internal Revenue Service had sought 52,000 names of wealthy American UBS clients thought to be hiding nearly $15 billion in assets. Most tax lawyers watching the case expect the settlement will involve a smaller number of clients. The case has broad implications for banks and tax havens around the world.

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