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US, Swiss Ask for Delay in UBS Secrecy Case

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CNBC
Sunday, July 12, 2009

The U.S. and Swiss governments and banking giant UBS indicated Sunday they were seeking a settlement and asked a federal judge to delay high-stakes hearings on the Internal Revenue Service’s effort to identify thousands of suspected American tax evaders.

The one-page motion, filed in Miami less than 24 hours before the hearings were to begin Monday, said postponement is needed “to allow the two governments to continue their discussions seeking a resolution of this matter.”

Unless a deal is reached beforehand, the filing asks that the hearing be rescheduled for Aug. 3.

(ARTICLE CONTINUES BELOW)

US, Swiss Ask for Delay in UBS Secrecy Case 250509BANNER

U.S. District Judge Alan S. Gold did not immediately rule on the request, but judges routinely allow parties in civil cases extra time to settle out of court. Such a deal would likely include a large penalty against UBS and possibly require the bank to reveal at least some names, tax experts say.

The case seeking the identities of some 52,000 wealthy American clients suspected of hiding $15 billion at UBS has already sent shock waves through the international banking system.

Full story here.

This article was posted: Sunday, July 12, 2009 at 9:49 am





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