The Swiss and US governments have initialed an out-of-court settlement agreement that will end the long-running dispute over UBS.
Full and final details of the agreement have yet to be revealed, with final signing expected to take place early next week. A court hearing scheduled for August 17 looks set to be canceled.
An agreement in principle had been reached on July 31, averting court action the following week. Details of the agreement were originally to be announced on August 7, but talks between the parties were extended to resolve a number of outstanding issues.
One sticking point was that UBS would be in breach of Swiss banking confidentiality legislation if it were to meet the United States’ demands to hand over the names of some 52,000 account holders. The Swiss Bankers Association said it expects the final agreement will be consistent with Swiss law.
The United States has doggedly pursued UBS to reveal the names, having won an initial legal victory in February, when UBS agreed to pay USD780m in a related tax dispute and handed over 250 names to the US authorities.
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