UBS May Face Lawsuits In The U.S. (UBS)

The Swiss Finance Minister has warned UBS UBS that it may face lawsuits in the United States, if the Swiss parliament does not ratify its deal with the U.S. He, however, expressed the hope that Parliament will pass the deal in June. According to Reuters, he said, “The justice and finance departments of the U.S. administration signaled to us that they'd again take up the legal cases against UBS (UBS), which are now suspended. These criminal and civil suits could take a long time." Last year, Swiss authorities agreed to hand over the names of U.S. tax evaders holding secret accounts with UBS. However, in January, a Swiss administrative court blocked the data transfer, asking the government to amend the terms of the deal. Swiss Parliament is slated to vote on this issue in June.