Ubs, Switzerland | featured news

The Internal Revenue Service on Tuesday disclosed the criteria being used by the Swiss banking giant UBS to select names of American clients that will be turned over to the agency as part of a settlement of a tax evasion case.

The government says it expects to turn a profit of more than $900 million after helping to rescue the troubled bank.

U.S. regulators will receive the names as part of an investigation of Americans avoiding taxes through the use of offshore accounts.

Reuters - Switzerland's UBS will not have to pay a fine as part of the settlement of a tax evasion dispute with the United States, two Swiss newspapers reported on Sunday.

U.S. has been seeking data on depositors suspected of using UBS bank accounts to hide cash from IRS.

The U.S. and Swiss governments and banking giant UBS AG indicated Sunday they were seeking a settlement and asked a federal judge ...

UBS AG Chief Executive Oswald Gruebel sent a memorandum to the bank's top executives on Thursday saying the bank could not comply with a U.S. government request to disclose the identity of 52,000 secret account holders, a source familiar with the situation told Reuters.

The government said it would seize the bank’s client data, which U.S. authorities have demanded to settle a tax case.