IRS Wants to Force Swiss Bank UBS to Lift Veil of Secrecy

The Justice Department filed suit in Miami federal court Thursday seeking to force Swiss banking giant UBS to name 52,000 U.S. customers with Swiss accounts totaling $14.8 billion. The IRS action comes on the heels of a massive settlement Wednesday in which UBS moved to avoid a criminal prosecution that would likely have threatened its survival. For more information, see attached pdf.