US resolves tax lawsuit with UBS
13 Aug 2009
US Justice Department attorney Stuart Gibson said in Miami yesterday that the US government has settled its dispute with UBS AG over tax evasion by US customers of the Swiss bank.
However, the terms of the settlement, which involved negotiations between the the Swiss and US governments, were not revealed. Switzerland has been trying to protect the system of secrecy that has helped make its banking industry one of the richest in the world and a major source of Swiss wealth.
His comments came in a conference call to district judge Alan Gold, who is presiding over the case.
Both the parties would call for the case to be dismissed when the final agreement documents are filed, he added.
Meanwhile, UBS said in a statement yesterday that the US government has informed the US District Court of the Southern District of Florida that all parties have reached an agreement to resolve the John Doe summons matter and that they have initialed the final documentation.
''The hearing scheduled for 17 August will be removed from the court's calendar, and immediately after the formal signing has occurred, the parties will file the agreed upon stipulation of dismissal with the court,'' the bank said.
