US & Switzerland Reach Deal In UBS Litigation
The U.S. and Swiss governments have reportedly reached a deal in the on-going UBS litigation saga. The governments are expected to finalize the details and for the district court of Friday, August 7. However, sources close to the negotiations say the details of the settlement are unlikely to be released to the public the same day.
The settlement is likely to include the handing over of some UBS client data to the U.S. Sources say UBS will turn over to the IRS information on approximately 5,000 account holders. If true, this is a sizable concession by the U.S. government who was seeking information on over 52,000 account holders.
It will be very interesting to see how this settlement effects similar U.S. government investigations into accounts at other foreign banks. Also of great interest to the international community will be the criteria for determining which 5,000 account holders UBS will turn over to the IRS as well as the timing for turning the information over to the IRS.