Despite widespread rumors that UBS might settle with the US government, there was no movement on the matter. The case, brought by the US government, focuses on the release of names of more than 50,000 US taxpayers who might have hidden assets in Switzerland for the purpose of evading tax.
This time it is the feds that appear to be stalling. Stuart Gibson, attorney for the US Justice Department, asked for another week of negotiations before the trial begins. The trial was originally scheduled to start on July 13 but could now begin as much as a month later than planned, on August 17.
No one knows for certain what has caused the delay, though speculation has been that the Swiss have been unable to work out the details of how to release the names. The Swiss media had previously announced that they expected UBS to release names, but that it would be a subset of the original 52,000 names that the feds had requested.
Fresh off its near success with UBS, the Internal Revenue Service (IRS) and Justice Department are considering pursuing information in additional foreign banks. US taxpayers have until September 23 to come forward voluntarily and disclose previously hidden assets.
