Swiss Bank Will Give Names of US Tax Dodgers

Nation's tradition of bank secrecy imperiled by UBS investigation

(NEWSER) - Swiss authorities are cooperating with an American investigation into a tax fraud scandal, dealing a major blow to the nation's tradition of banking secrecy. Swiss bank UBS is alleged to have helped up to 20,000 American clients evade taxes by stashing their fortunes—collectively worth $20 billion—in undeclared accounts. Now, after initial resistance, Switzerland has agreed to hand over confidential data to the Justice Department, reports the New York Times. More»

Oswald Gruebel steps down from Zurich bank

(AP) - UBS chief executive Oswald Gruebel has resigned over a $2.3 billion rogue trading loss . The bank said Gruebel's decision was an attempt to allow UBS to start afresh following the latest major scandal to hit Switzerland's biggest bank. Bank President Kaspar Villiger said the board tried to convince Gruebel to stay until the bank's annual shareholder meeting next year, but Gruebel wanted to send a strong signal about the trading loss immediately. More»

(NEWSER) - Swiss bank UBS AG has agreed to a settlement with the US to resolve a lengthy tax evasion probe, the Wall Street Journal reports. The details are currently under wraps, as the final documents await signatures. UBS will likely hand the IRS the names of 8,000 to 10,000 clients, analysts predict. The Swiss government had fought hard against the suit, on the basis of Swiss bank privacy. More»

(NEWSER) - Aiming to avoid an ugly international dispute, the US government, Switzerland, and a Swiss bank are seeking to delay a hearing over private bank accounts, the Wall Street Journal reports. The respite would give government officials and UBS until August to strike a deal over data on some 52,000 alleged US tax evaders. The Justice Department and IRS want it; UBS and Switzerland say handing it over would violate Swiss law. More»

Bank charges IRS is trying to trample on Swiss laws

(NEWSER) - Swiss bank UBS has rejected a demand from the IRS that it cough up the names of 52,000 suspected American tax evaders, the Times of London reports. The bank—which paid out $780 million to avoid prosecution for helping rich Americans dodge their taxes—said the lawsuit by the IRS demanding the information violates Swiss sovereignty and that granting the request would breach the country's secrecy laws. More»