UBS has Reached an Initial Deal with the US

UBSThe Swiss bank UBS, the world's largest private bank, who has been under investigation by the Department of Justice over alleged tax evasion claims has reportedly reached an agreement with the DOJ to settle the case this morning. UBS will be required to disclose the names of clients to settle the case. The Swiss Government has expressed its disapproval of the actions taken by the US to force this disclosure.

 

The details of the agreement have not yet been disclosed, and it is unknown how many names UBS will disclose. It is also unclear whether or not UBS will face fines. The agreement was disclosed this morning in a conference call with Federal District Court Judge Alan Gold in Miami, and more details should be released by the end of the week.

Source: NYT

 

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