UBS, US settle tax evasion issue

MIAMI: UBS AG and the US and Swiss governments have agreed to settle a dispute over whether the Swiss bank should be forced to disclose the names of 52,000 wealthy American clients suspected of tax evasion.

The parties have initialed agreements that would “take a little time to be signed in final form,” Department of Justice lawyer Stuart Gibson told US District Court Judge Alan Gold during a brief conference call on Wednesday.