UBS, Feds Strike Deal Over Tax-Evasion Case

(CN) - The U.S. Justice Department and UBS have struck a deal requiring the Swiss bank to disclose the names of U.S. clients suspected of tax evasion, federal officials said Wednesday. It's unclear how many names will be revealed to the Internal Revenue Service, but tax lawyers expect UBS to disclose thousands of accounts.

"The parties have initialed agreements," said Justice Department lawyer Stuart Gibson in a conference call with the judge overseeing the case, U.S. District Judge Alan S. Gold in Miami.

In February, UBS agreed to pay $780 million to settle charges that it helped clients hide their money in offshore accounts. It also gave the IRS the names of 250 clients.

A day later, the Justice Department filed a civil action demanding the names of 52,000 U.S. clients suspected of dodging taxes.

Though the conference call shed few details on Wednesday's settlement, Gibson said the U.S. government plans to dismiss the case once the final documents have been signed.

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