With an evidentiary hearing looming, the Justice Department said Friday the Swiss and U.S. governments had an "agreement in principle on major issues" to substantially resolve an IRS demand for the names of 52,000 U.S. citizens suspected of tax evasion on assets secretly held at the Swiss bank UBS. Assistant U.S. Attorney Stuart Gibson's announcement came as something of a surprise, since Gibson had told a federal judge just two days earlier that the two sides were far apart.
Deal Reached in UBS Tax Evasion Case, Says Justice Department
Daily Business Review
August 3, 2009