Reuters: UBS sued if no US-Switz treaty? - Spear's Magazine

Reuters: UBS sued if no US-Switz treaty?

ZURICH, May 16 (Reuters) – UBS (UBSN.VX) (UBS)N> could face lawsuits in the United States if the Swiss parliament fails to agree to a deal passing data on the bank’s U.S. clients to U.S. tax authorities, Switzerland’s finance minister said.

ZURICH, May 16 (Reuters) – UBS (UBSN.VX) (UBS)N> could face lawsuits in the United States if the Swiss parliament fails to agree to a deal passing data on the bank’s U.S. clients to U.S. tax authorities, Switzerland’s finance minister said.

Hans-Rudolf Merz told the newspaper SonntagsBlick he hoped parliament, which will vote on the measure in June, would approve the agreement, though he could not be sure.

“The justice and finance departments of the U.S. administration signalled to us that they’d again take up the legal cases against UBS, which are now suspended,” Merz was quoted as saying.

“These criminal and civil suits could take a long time.”

Merz also said it was as yet too early to return to UBS, which was bailed out by the government, a toxic asset fund now held by the central bank.

To read the full story, visit reuters.com



 

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