Swiss Lawmakers May Make New Political Concessions to Salvage UBS Data Sharing Deal

By Colby Adams

A decision by Swiss lawmakers to block a deal allowing UBS AG to turn over client data to the United States has left supporters of the agreement scrambling to find an alternative. In a 104 to 76 vote, the lower chamber of the Swiss Federal Assembly Tuesday rejected the tax information sharing deal, which would legalize the bank's August agreement with U.S. authorities to disclose data on 4,450 suspected American tax cheats. UBS AG has until the end of the summer to hand over the data or risk legal repercussions from the United States. That deadline, however, is complicated by...