UBS and the US government have agreed an out-of-court settlement to end one of the most bitter assaults on Swiss banking secrecy. No details of the deal were revealed on Wednesday, pending formal signing, probably early next week. But lawyers said the settlement would involve UBS supplying the names of least 5,000 US offshore clients and possibly paying a big fine. Shares in the bank closed up 3$ at SFr16.34 on relief that the issue had finally been resolved.

This entry was posted by Gwen Robinson on Thursday, August 13th, 2009 at 5:05 and is filed under Capital markets. Tagged with ubs. Edit this entry.