UBS and the US government yesterday agreed an out-of-court settlement to resolve one of the most bitter assaults on Switzerland's hallowed bank secrecy.
The case has significant implications for the future of client confidentiality, amid fears among many Swiss bankers that a dilution of traditional secrecy rules could prompt a defection by worried foreign customers.
No details of the deal were revealed, pending formal signing, probably early next week. However, lawyers said the settlement would involve UBS supplying the names of least 5,000 US offshore clients and possibly paying a big fine. Shares in the bank closed up 3 per cent at SFr16.34 on relief that the issue had finally been resolved.
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