Swiss Bank Agrees To Settle Charges
ARI SHAPIRO, host:
NPR's business news starts with a deal that could reveal some Swiss banking secrets.
The Swiss bank UBS has struck a deal in a Florida federal court to settle a tax probe from the US government. UBS will pay $780 million. And here's the juicy part: They'll disclose the names of Americans who hold secret accounts with the bank. It's part of a deal to resolve criminal fraud charges against Switzerland's largest bank. The US Justice Department says UBS helped 17,000 wealthy Americans evade taxes by concealing their accounts, with a total of around $20 billion in assets.
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