NEW YORK (TheStreet) -- Swiss lawmakers agreed to hand over the names of 4,450 American clients suspected of dodging taxes through UBS's private offshore accounts to the American authorities.
This removes the possibility of a referendum on a law allowing for the handover of the information to the authorities and the threat of the U.S. revisiting an enormous tax case against the bank.
After much heated debate, both houses of parliament have decided that there won't be a referendum on the final passage of the law, which would have resulted in the missing of a crucial August deadline to turn in the data.
The agreement allows Switzerland to meet obligations it had negotiated with the U.S. last August, after an enormous tax case was launched against UBS, alleging that it helped American clients avoid taxes on income totaling up to $20 billion.
-- Reported by Andrea Tse in New York
Readers Also Like:
Follow TheStreet.com on
and become a fan on
Copyright 2010 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.