UBS and U.S., Switzerland Settle Lawsuit Seeking Account Information Concerning Potential Tax Evaders
Bloomberg.com reports that a settlement has been reached resolving a U.S. Justice Department lawsuit against UBS AG seeking the names of Americans suspected of evading taxes through 52,000 secret Swiss accounts. According to the Bloomberg report, tax lawyers believe that the settlement includes UBS agreeing to disclosure information about thousands of accounts. In February, Zurich based UBS agreed to pay $780 million to defer prosecution for aiding tax evasion, as well as providing data to the Internal Revenue Service on 250 clients. Since then, three UBS clients have pleaded guilty in the United States to secreting bank assets from the IRS in UBS accounts. This data released under the latest settlement will undoubtedly result in further investigations and prosecutions.
