This is something I’ve been watching for a while:
The Swiss banking giant UBS and the Justice Department said Wednesday that they had reached an accord that would force the bank to disclose names of American clients suspected of tax evasion.
“The parties have initialed agreements,” Stuart Gibson, a Justice Department lawyer who is trying the case, said in a conference call on Wednesday with the judge overseeing the matter. Mr. Gibson told Judge Alan Gold of Federal District Court in Miami that both sides would move next week to have the legal case dismissed and file court documents outlining the settlement.
Mr. Gibson told the judge last week that he hoped a deal could be completed by Aug. 12.***
In February, UBS agreed to pay $780 million to settle charges that it helped wealthy Americans evade taxes on nearly $20 billion hidden in offshore accounts. One day later, the Justice Department filed a civil suit seeking to force UBS to disclose 52,000 client names. Of the names on the agency’s original list, prosecutors are focused on several thousand Americans with offshore accounts containing tens to hundreds of millions of dollars.
Should be fun. I’ll bet it is a Who’s Who of Republican and Democratic fundraisers.