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UBS Agrees to Hand Over Details on Nearly 4,500 Accounts
By Brian Monroe and Brian Orsak
printSwitzerland's largest bank agreed Wednesday to release details to the United States on 4,450 accounts held by U.S. taxpayers suspected of failing to report a total of $18 billion in revenue, the parties said. As part of the deal, UBS AG will turn over the client data to Swiss tax authorities and, ultimately, to the U.S. Internal Revenue Service, which originally sought the names of 52,000 UBS account holders. The settlement follows a February 18 $780 million fine by the U.S. Justice Department against the bank for helping its U.S. clients avoid reporting the assets. The agreement "gives us what...
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