Agreement Between the United States and Swiss Governments Will Require UBS to Disclose 4,450 Swiss Accounts Held by U.S. Citizens or Residents

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U.S. citizens or residents holding undeclared accounts with UBS AG ("UBS") should take note of the agreement made on August 19, 2009, between the United States and Swiss governments to settle the U.S. Department of Justice's lawsuit against UBS seeking the names of U.S. citizens or residents holding Swiss accounts with UBS. The agreement requires the disclosure to the Internal Revenue Service ("IRS") of 4,450 UBS Swiss accounts held by U.S. citizens or residents. The Swiss government will notify the account holders that their names are being released to the IRS, although the account holders will have an opportunity to appeal the release of their names to a Swiss administrative court.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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