Swiss Court Ruling Excludes Some UBS Data From Hand-Over to IRS

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Switzerland's Federal Administrative Court rules that 26 sets of confidential UBS AG data should not be handed over to U.S. officials, a decision that would alter last year's landmark U.S.-Swiss deal on offshore accounts in Switzerland. The ruling addresses the handing over of 4,450 sets of client data from Zurich-based UBS, which set aside a legal dispute with IRS with the data handover. IRS says it has “every expectation that the Swiss government will continue to honor the terms of the agreement.”