US Justice Department tax attorney Stuart Gibson told a federal judge that the parties have reached an agreement on the major issues in the US litigation against Swiss banking corporation, UBS. The Swiss Justice Ministry and UBS also issued statements confirming the deal. All sides are keeping the details confidential until the settlement is finalized, which is expected to occur by August 7.
In a criminal prosecution in February, UBS admitted that it helped US citizens avoid paying taxes. As part of a deferred prosecution agreement, UBS said it would pay a $780 million penalty and disclose the identities of 250-300 US clients. Since then, 3 of those UBS clients have pled guilty to tax charges regarding secret bank accounts.
The US government filed the current litigation to force UBS to disclose 52,000 additional client names. How many names UBS will actually disclose as a result of the settlement agreement is not yet known.
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