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US and Switzerland Reach Settlement Over Secret Bank Accounts

News release: “The out-of-court settlement sought in the US civil proceedings against UBS has been reached. The details of the arrangement were worked out between Switzerland and the USA over the last few days. The judge was informed during a telephone conference on Wednesday. The settlement now has to be signed by both states.”

  • Washington Post: “The U.S. government had sought a federal court ruling compelling Switzerland’s largest bank, UBS, to turn over the names of Americans suspected of dodging taxes through the use of 52,000 secret accounts.”
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