Swiss Tax Administration Faces Suit Over Handover of UBS Data

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The Swiss Federal Tax Administration faces legal action from a group of clients of Swiss banking giant UBS, which passed information about more than 4,000 secret accounts to the Swiss authority to hand over to the U.S. IRS. Emmanuel De Wagter, one of the lawyers bringing the case and representing about 100 Belgian clients, says the suit was filed at the Swiss Federal Administrative Court in Bern and his team is waiting for a hearing date. Under a 2009 agreement, Switzerland agreed to share information with IRS on these accounts in return for a withdrawal of a John Doe summons against UBS.