UBS and US initial deal over tax evasion case

The Swiss bank UBS and the US government have settled their dispute over the disclosure of names of wealthy Americans suspected of tax evasion using UBS accounts.

The agreements will "take a little time to be signed in final form," the Department of Justice said. More details are expected next week but the US is set to drop its case against UBS once a deal is in place. It could, however, leave UBS facing action from clients who allege that the deal violates Swiss banking secrecy laws.