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Today in legal history...

Saturday, January 08, 2011

Swiss court ruled UBS client information disclosure illegal
Dwyer Arce at 12:00 AM ET

On January 8, 2010, the Federal Administrative Court of Switzerland ruled that the Swiss Financial Market Supervisory Authority (FINMA) violated the law in February 2009 when it ordered UBS to disclose information to the US on more than 250 of the bank's clients. FINMA issued the order after the US Department of Justice (DOJ) accused UBS of assisting Americans in hiding accounts from the Internal Revenue Service (IRS). The court stated that FINMA lacked the authority to authorize the release of information, and that the issue should have been addressed by the Federal Council. The Federal Council later approved a treaty allowing the disclosure of client information.

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