UBS Tax Settlement Delayed on U.S., Switzerland Talks (Update4)

The U.S. and Switzerland need at least five more days to negotiate settlement of a Justice Department lawsuit against UBS AG seeking the names of Americans suspected of evading taxes through 52,000 secret Swiss accounts.

U.S. District Judge Alan Gold in Miami today agreed to a request by Justice Department attorney Stuart Gibson to reschedule a telephone conference call for Aug. 12. Gibson told Gold on July 31 that the two governments had agreed ... Full Story »

Posted by Dwight Rousu

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Dwight Rousu
3.5
by Dwight Rousu - Aug. 10, 2009

Good tracking of a developing story on how giant international banking and the very very rich in America avoid paying taxes on their exorbitant wealth.

Tax lawyers said they expect UBS to disclose thousands of accounts after giving the Internal Revenue Service data on 250 clients on Feb. 18. UBS, based in Zurich, agreed then to pay $780 million to defer prosecution for aiding tax evasion.

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