Expected U.S.-Swiss Plan Would Allow Turnover of Banker Data, Say Sources

By Colby Adams

An expected plan to resolve a U.S.-Swiss tax dispute will likely prompt a wave of disclosures by American taxpayers and clear the way for banks to turn over data on their employees. On Wednesday, Switzerland's Federal Council said it had agreed to a finalized joint statement with U.S. officials disclosing a settlement that would end the longstanding legal battle. The undisclosed plan is expected to permit hundreds of Swiss financial institutions to pay monetary settlements of various sizes and agree to temporary data-sharing with the United States in efforts to escape prosecution. The final settlement will largely mirror a plan...