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Industry Spotlight > Broker Dealers

UBS, U.S. Reach Settlement

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According to UBS, the U.S. government informed the U.S. District Court of the Southern District of Florida that all parties have reached an agreement to resolve the John Doe summons matter and that they have initialed the final documentation.
The hearing scheduled for 17 August will be removed from the court’s calendar, and immediately after the formal signing has occurred, the parties will file the agreed upon stipulation of dismissal with the court.
UBS welcomes this agreement.
Various news agencies have reported that up to 52,000 client names are being sought by the IRS as part of the summons. The Swiss and U.S. government has worked together to resolve the matter over the past few weeks. And further details of the agreement are expected over the next several weeks.