UBS shares soar, U.S. tax deal seen favorable

August 3rd, 2009


ZURICH – Shares in UBS soared on Monday after reports said the Swiss bank would not pay a fine and would pass on fewer client names than expected in a settlement of U.S. tax litigation to be finalized later this week.

The U.S. government and UBS struck a deal in principle on Friday to end tax litigation against the Swiss wealth management giant, heading off a showdown that had threatened to sour relationships between the two countries.

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