UBS to pay $780 million in tax conspiracy case
Swiss bank admits helping US clients avoid taxes; agrees to reveal identities
By Alistair Barr, MarketWatch
Last update: 6:53 p.m. EST Feb. 18, 2009
SAN FRANCISCO (MarketWatch) - UBS AG agreed to pay $780 million for helping U.S. customers avoid taxes, the Department of Justice said Wednesday.
Switzerland's largest bank also agreed to turn over the identities and accounts of some of its U.S. clients to the American government, in an unprecedented move that could shine a light into the country's secretive banking industry, the DOJ added.
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