UBS, U.S. Agree to Delay of Litigation

Updated from 5:26 a.m. EDT

Swiss banking giant UBS(UBS Quote) and the U.S. and Swiss governments agreed to a 15-day suspension of litigation related to the Internal Revenue Service's effort to identify thousands of suspected American tax evaders.

In a statement late Sunday, UBS said: "This agreement has resulted in a joint motion by the U.S. government and UBS, with the support of the Swiss government, for a stay of the litigation in Miami for a duration of 15 days in order to achieve a settlement. The parties and the Swiss government will present this motion for the court's approval on Monday morning."

The Associated Press reported Sunday that the parties were seeking a settlement and asked a federal judge to delay high-stakes hearings on the Internal Revenue Service's efforts. ...