UBS Tax Lawsuit Settled by U.S., Swiss Gov

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By David Voreacos, Mort Lucoff and Carlyn Kolker

Aug. 12 (Bloomberg) -- The U.S. and Switzerland settled a Justice Department lawsuit against UBS AG seeking the names of Americans suspected of evading taxes through 52,000 secret Swiss accounts.

The governments have initialed agreements and will later sign a final accord, Justice Department lawyer Stuart Gibson told U.S. District Judge Alan Gold in Miami today. Gibson didnt disclose details of the settlement or say when it would be delivered to Gold. Gibson told the judge July 31 that the countries reached an agreement in principle to settle the case.

Tax lawyers said they expect UBS to disclose thousands of accounts. UBS, based in Zurich, agreed on Feb. 18 to pay $780 million to defer prosecution for aiding tax evasion and also gave data to the Internal Revenue Service on 250 clients. Since then, three UBS clients have pleaded guilty in the U.S. to hiding their bank assets from the IRS.

They made...
 

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