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UBS was sued on Tuesday in a Swiss federal court by wealthy American clients seeking to prevent the disclosure of their identities as part of a tax-evasion investigation by the United States Justice Department.
The lawsuit accuses UBS and Switzerland’s financial regulator, the Swiss Financial Market Supervisory Authority, or Finma, of violating Swiss bank secrecy laws and of conducting what Swiss law considers illegal activities with foreign authorities. It also named Peter Kurer, the chairman of UBS, and Eugen Haltiner, the chairman of Finma, as defendants.
The suit, filed by a lawyer in Zurich, Andreas Rued, on behalf of nearly a dozen American clients, underscores the growing clash between Swiss banking secrecy laws and those of the United States. Tax evasion is not considered a crime in Switzerland. Disclosing client names under Swiss law is a criminal offense and can expose bank executives and officers to fines, prison terms and other penalties.
Capitalism at its BEST !!!!
Last edited by NEPatriot; 07-08-2009 at 12:50 PM..
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I smell smoke. If rich Americans are compelled to sue, they must have done something illegal under American law. That they do something that is considered not illegal by the Swiss, it doesn't mean it's illegal in eyes of the maw here in America.
I say, if one compelled is to "go foreign" to avoid American laws, they're on your own. If they don't like it, fine, move to Switzerland.
Instead, I would just comb through AT&T phone records which they already have access to and see who made calls to Switzerland, cross reference that with Internet access logs for users who have gone to the websites of swiss banks, and call it good.
They don't physically need names, they have enough data mined data between Axiom, Google, and AT&T to know everything you do and who you are.
The U.S. Justice Department and UBS AG agreed to postpone a hearing in federal court in Miami on a government lawsuit seeking the identities of 52,000 American account holders suspected of possible tax evasion.
Both sides agreed to reschedule tomorrow’s evidentiary hearing so they could discuss a possible settlement of the case, according to a court filing today. The Swiss government said the case poses a threat to its sovereignty.
New info !
Last edited by NEPatriot; 07-12-2009 at 12:16 PM..