UBS AG, the largest Swiss bank by assets, is in talks with the U.S. government to settle a lawsuit seeking the names of 52,000 American account holders suspected of using Swiss secrecy laws to evade taxes.
The bank agreed with the U.S. and Swiss governments to seek a settlement and postpone an evidentiary hearing [on Monday] in a Miami courtroom, according to a court filing.
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In a statement yesterday, the Justice Department said any settlement “would necessarily include a provision requiring UBS to provide the Internal Revenue Service information on a significant number of individuals with UBS accounts.”
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