U.S. Makes Deal for UBS

The U.S. government and UBS have come to terms in a tax-evasion case out of court, bringing to end "one of the most bitter assaults on Switzerland's hallowed bank secrecy," the Financial Times reports. Lawyers told the newspaper that UBS may have to give the U.S. the names of at least 5,000 U.S. offshore clients and begin paying big fines. Lawyers also said that the willingness of the IRS to follow international procedures helped the American cause. Historically, Switzerland, where UBS operates, has had among the strictest confidentiality standards in the world when it comes to banking. UBS had argued that it could not comply with U.S. demands as it would violate Swiss bank-secrecy rules.