Swiss Court Backs US-Swiss Pact On UBS Data
July 19th, 2010
Dow Jones
ZURICH — A Swiss court Monday said it backed a U.S.-Swiss deal governing the handover of thousands of pages of confidential data on clients of UBS AG (UBS) to U.S. tax officials as “binding,” rejecting an appeal by a client of the Swiss bank in a test case.
The decision translates to a final stamp of approval from Swiss authorities, who ultimately clinched parliamentary approval last month for an August 2009 settlement between the U.S. and Switzerland to hand over data on roughly 4,450 alleged tax offenders with hidden Swiss offshore accounts