UBS tax case settlement between US, Swiss due to be presented to Fla. federal judge

UBS tax case settlement due before Fla. judge

MIAMI — A federal judge in Miami is due to learn if a settlement has been finalized in the high-stakes attempt by the U.S. government to obtain names of suspected tax evaders with secret accounts at Swiss bank UBS AG.

The U.S. and Swiss governments announced a deal in principle last week. No details have been released.

U.S. District Judge Alan S. Gold set a Friday morning hearing, then gave the sides a few more hours and scheduled a new time shortly before noon.

The Internal Revenue Service had sought 52,000 names of wealthy American UBS clients thought to be hiding nearly $15 billion in assets. Most tax lawyers watching the case expect the settlement will involve a smaller number of clients.

The case has broad implications for banks and tax havens around the world.