2 September 2009
2 September 2009 - UBS recently reached a settlement with the U.S. Internal Revenue Service that resolved the U.S. legal proceeding in which the IRS attempted to compel UBS (in violation of Swiss financial privacy law) to reveal the identity and account information of an estimated 52,000 U.S. clients. The settlement was accompanied by a parallel agreement between Switzerland and the United States that provided for information on UBS accounts to be shared pursuant to an IRS request under the existing Swiss-U.S. Taxation Treaty. It is expected that data on up to 4,450 accounts will be delivered to the IRS in the course of the mutual administrative assistance procedure. The settlement brings to a conclusion the various U.S. proceedings involving UBS and its "cross-border" business.
Mayer Brown has been supporting UBS's efforts in responding to inquiries from U.S. authorities and in reaching the settlement with the IRS and will continue to provide assistance to UBS in fulfillment of the settlement's conditions. The Mayer Brown team has included lawyers from Germany, France and the United Kingdom directed by Frankfurt-based Tim Wybitul, who specializes in internal investigations of companies including such by U.S. authorities.For further information:
Director Marking & Business Development, Frankfurt
T: +49 69 7941 1045
M: +49 160 9019 2756Mark C. Hilgard
T: +49 69 7941 2271
T: +49 69 7941 2081