Blank Rome LLP USA December 30 2010
The Justice Department has dismissed its landmark case against Swiss banking giant UBS AG, announcing that the bank has successfully complied with the terms of its Deferred Prosecution Agreement entered into in February 2009. Under the terms of that agreement, UBS avoided criminal prosecution by admitting it helped U.S. citizens hide money in secret Swiss accounts, agreeing to pay $780 million in penalties, and providing the IRS with the names of more than 250 of its U.S. customers who were suspected of committing tax fraud. The day after that agreement was signed, the Justice Department filed suit against UBS in federal court to enforce a “John Doe” summons seeking to force the bank to turn over the names of the approximately 52,000 U.S. citizens holding bank accounts at UBS. Following much diplomatic wrangling, the U.S. and Switzerland eventually reached an agreement that UBS would turn over account information on 4,450 U.S. clients of UBS through a specified treaty process.
Read the full article here. http://www.blankrome.com/index.cfm?contentID=37&itemID=2368#page=1