Swiss banking behemoth UBS and the United States Internal Revenue Service (IRS) have reached an agreement in their tax dispute.
According to a recent UBS press release, both parties signed a formal agreement to dismiss enforcement of the so-called "John Doe" summons issued by the U.S. last July--in connection with the civil lawsuit the IRS had filed against UBS essentially accusing the bank of helping rich Americans dodge their tax bills.
Under the agreement's terms, UBS will fork over account details for approximately 4,450 rich U.S. clients suspected of tax fraud. In exchange, UBS won't be required to fork over any fines or payments to the U.S. government.
"I am confident that the agreement will allow the bank to continue moving forward to rebuild its reputation through solid performance and client service," UBS Chairman Kaspar Villiger said in a statement. "UBS welcomes the fact that the information-exchange objectives of the settlement can be achieved in a lawful manner under the...