U.S. government and UBS negotiating tax settlement case

July 12, 9:35 PMBusiness and Finance ExaminerMarv Dumon

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UBS is seeking to settle a tax lawsuit with the U.S. government on 52,000 American accounts.  Clients are suspected of using Swiss financial laws in order to evade taxes.  The suit is held in U.S. District Court, Southern District of Florida (Miami)

Earlier in the spring, the bank agreed to pay $780 million to the U.S. government for helping wealthy clients evade paying taxes.

The Swiss company, in a statement, said it “welcomes the announcement that the U.S. and Swiss governments have agreed to negotiations.”

UBS faced the possibility of having its assets seized in the U.S. after the bank hardened its posture toward the case.

UBS admitted on Feb. 18 that from 2000 to 2007 its bankers helped clients evade U.S. taxes through sham offshore companies in tax haven countries.