Wachtell, Lipton, Rosen & Katz litigation partner John Savarese represented Zurich-based banking giant UBS as it entered into a deferred prosecution agreement on Wednesday with federal prosecutors that ends an investigation into whether UBS helped U.S. clients avoid paying taxes.
Under the terms of its agreement with the government, UBS will pay a $780 million fine and disclose the names of certain account holders to the Internal Revenue Service. While the government's indictment states its interest in the identities of between 17,000 and 20,000 UBS cross-border clients, the deferred prosecution agreement does not specify how many client names will be turned over to U.S. authorities.
UBS received permission from the Swiss Financial Markets Supervisory Authority (FINMA) to move forward with the agreement, which has been approved by U.S. District Judge James Cohn in Fort Lauderdale, Fla.
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Posted by Personal Injury Lawyers in Phoenix, Arizona
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