Open

Coming up

Don't miss

Replay


LATEST SHOWS

DEBATE

The Murderous Lure of Jihad: Tackiling ISIS and its Worldwide Recruitment (part 2)

Read more

DEBATE

The Murderous Lure of Jihad: Tackiling ISIS and its Worldwide Recruitment

Read more

FOCUS

Republicans block Obama's bid to hike minimum wage

Read more

WEB NEWS

Calls for ISIS media blackout after execution of James Foley

Read more

WEB NEWS

Web users divided over Darren Wilson

Read more

WEB NEWS

Web users take on 'Ice Bucket Challenge' to fight ALS

Read more

ENCORE!

From Paris's Liberation to 'arresting' art in Avignon

Read more

INSIDE THE AMERICAS

Ferguson riots: Pressure mounts on Obama

Read more

IN THE PAPERS

'The pen is mightier than the sword'

Read more

  • Two US Ebola patients leave hospital ‘virus-free’

    Read more

  • Hollande is ‘nobody’s president’ says former French minister

    Read more

  • Turkey’s Erdogan names foreign minister Davutoglu as next PM

    Read more

  • US reaches historic $16.7bn settlement with Bank of America

    Read more

  • Special report: Supplying Ukraine’s soldiers on the front line

    Read more

  • US forces tried to rescue slain reporter from IS captors

    Read more

  • Israeli air strike kills three top Hamas commanders

    Read more

  • France delivered arms to Syrian rebels, Hollande confirms

    Read more

  • Tensions high in Yemen as Shiite rebel deadline looms

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

  • French village rallies behind besieged elderly British couple

    Read more

  • Former Irish PM Albert Reynolds dies at 81

    Read more

  • Former Femen activist detained after fighting veiled woman

    Read more

  • Thailand coup leader Prayuth Chan-ocha voted prime minister

    Read more

  • Brazil’s Silva launches bid after Campos plane crash death

    Read more

  • Brutal IS beheading video sparks social media pushback

    Read more

  • US attorney general visits Missouri town after fatal shooting

    Read more

Business

US reaches out of court settlement with UBS on tax dispute

Video by Yuka ROYER

Text by NEWS WIRES

Latest update : 2009-08-13

The US government and Swiss banking giant UBS have "initialled" a deal to settle a diplomatically sensitive tax secrecy case out of court, said lawyers in the case.

AFP - The US government and Swiss banking giant UBS have reached an out-of-court settlement to close a diplomatically sensitive tax secrecy case, attorneys in the case said Wednesday.

US Justice Department lawyer Stuart Gibson told a conference call with the judge overseeing the case and lawyers for the UBS and the Swiss government that an agreement had been reached, without disclosing further details.

"The parties have initialed agreements," Gibson said. "It will take a little time for the agreements to be signed in final form."

He said the parties involved had asked the court to cancel a trial hearing set for August 17 and that "when the documents are filed, the parties will submit a petition for dismissal" of the case.

UBS lawyer Eugene Stearns thanked Judge Alan Gold for his handling of the case and said it would "allow a very difficult matter to be brought to a successful conclusion."

The case stems from a US government lawsuit filed earlier this year seeking to force the Swiss bank to identify Americans holding offshore bank accounts to evade taxes.

The case could affect as many as 52,000 Americans who hold UBS accounts and could be prosecuted for tax evasion.

UBS had argued that it cannot comply with the US demand without violating Swiss banking secrecy law, which would make it liable for prosecution in Switzerland.

The Swiss government interrupted its summer vacation Monday to hold a special meeting over the case.

The seven members of the Swiss Federal Council or cabinet were meant to return from vacation only on August 19.

An agreement in principle had been announced on July 31, but reaching a final deal took more time than expected.

US authorities had been asking the court to order UBS to reveal the names of American offshore account holders, saying the Swiss bank "systematically and deliberately" violated American laws in promoting offshore accounts

 

Date created : 2009-08-12

COMMENT(S)