In U.S.-Swiss Tax Dispute, 2012 Bank Indictment Proved to Be Breaking Point

By Colby Adams

The indictment of a now-defunct Swiss financial institution and threatened charges against the country's largest publicly-owned bank fueled Switzerland's decision last month to seek a broad data-sharing agreement with American officials. In May, the Swiss Federal Council disclosed plans to introduce a bill in June that would clear the way for as many as 13 banks to share client data with the United States in addition to likely paying millions of dollars in settlements. Swiss lawmakers will vote on the plan by June 18, in hopes of ending the 6-year tax standoff between the countries. Once seemingly unthinkable, the expected...