On Friday a Swiss court ruled that authorities in that country cannot disclose information about an account belonging to a wealthy American who used UBS private banking services to evade U.S. taxes. The decision creates a new challenge for federal prosecutors trying to track down UBS clients who allegedly used tax shelters to avoid paying their due. Here are stories on the Swiss court’s decision from Bloomberg and The New York Times.

Even before the Swiss court’s ruling, the UBS tax shelter case had already had more twists than a Chubby Checker record. In February the banking giant entered a deferred prosecution agreement with U.S. prosecutors in which it admitted to criminal wrongdoing for selling offshore banking services that had enabled tax evasion and was fined $780 million.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]