Feds, UBS ask to delay hearing on tax evasion case


As I expected in June, settlement talks between the U.S. government and UBS have gotten serious now that the hearing, which could result in a court order demanding the release of 52,000 account-holder names, is near. On Sunday the U.S. and UBS (UBS) jointly asked the judge to postpone a hearing today in Miami to give the U.S. and Swiss governments more time to find a resolution that will satisfy the strict banking secrecy laws of the Swiss, while at the same time exposing tax evaders.

Swiss laws do protect the secrecy of account holders provided fraud is not involved. The Justice Department wants access to accounts of all 52,000 U.S. citizens who bank with UBS in Switzerland. Swiss officials last week said they would seize UBS data to protect Swiss privacy laws.