Switzerland-based UBS entered into a deferred prosecution agreement Wednesday with federal prosecutors that ends an investigation into whether the banking giant helped U.S. clients avoid paying taxes. Under the terms of the agreement, UBS will pay a $780 million fine and disclose certain account holders' names to the IRS. While the indictment states the government's interest in the identities of between 17,000 and 20,000 UBS clients, the agreement does not specify how many names will be turned over to U.S. authorities.
UBS to Pay $780 Million Fine in Tax Case Settlement
The American Lawyer
February 19, 2009