It looks like UBS and the US government are moving closer to settling their differences.
The Swiss bank and the Justice Department jointly asked a federal court in Miami to postpone a hearing scheduled for Monday say they can negotiate a settlement. This is a major change from late last week, when prosecutors were talking about really putting the screws to UBS.
As issue is the US demand that UBS turn over thousands of client names to the IRS as part of the government’s investigation into tax-evasion.
So how is UBS going to settle the matter with the government? That’s still unclear. UBS may offer to pay billions in taxes for its clients. We’ve heard that this could be as high as $4 billion. It is also possible that UBS may be forced to spin-off the business into a new entity. At minimum, UBS will most certainly agree to deliver part of the information on the 52,000 account holders the IRS is seeking.
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