UBS pays $780 million to settle tax-evasion charge

UBS agrees to pay $780 million in fines and will identify clients in a settlement with US federal authorities following allegations that the bank helped thousands of Americans to evade taxes.

The US government's effort to catch every tax dodger out there -- from potential cabinet appointments in the Obama White House to high earners who thought they were avoiding taxes through loopholes -- may end up pushing some foreign private bankers off its shores.

On Wednesday, Switzerland's largest bank, UBS, agreed to pay $780 million in fines, identify certain US clients and put an end to tax shelters in a settlement with federal authorities over accusations that the...

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