Complaint filed against UBS

25th February 2009, Comments 2 comments

A Zurich law firm representing American clients challenges the transfer of bank data.

GENEVA - A Zurich-based law firm filed a complaint against Switzerland's biggest bank UBS and the country's financial industry watchdog (FINMA) over client data passed to the US authorities, a report said Tuesday.

Rued Winkler Partners made the complaint on behalf of eight American clients of UBS, the ATS news agency said.

"UBS takes note of today's filing of criminal charges," the bank confirmed in a statement, but added that they are "without merit".

UBS earlier in February provided data on 250 to 300 clients to the US government and paid a fine of USD 780 million (CHF 902 million) to settle a case of assisting tax fraud by US clients.

The bank said it acted on an order made by the Swiss Financial Market Supervisory Authority (FINMA).

"UBS transferred to FINMA information about client accounts which -- supported by available evidence -- concern tax fraud and the like. Therefore, the criminal charges filed today are without merit," it said.

Swiss banking secrecy law prohibits banks in Switzerland from revealing any information to authorities or any third parties about their clients except in cases involving recognized criminal investigations.

AFP / Expatica

2 Comments To This Article

  • Kati Sarab posted:

    on 11th September 2012, 10:59:21 - Reply

    I hope UBS pays the price. I am waiting for only 120Euro refund from one of their client from Switzerland to UK. She paid the money on 18th August andtoday is 11 September and I have not received a penny. They just play with us. When I call, they tell me you are not our client , we can not talk to you . When the lady who is refunding the money calls them, they tell her, the money should be in UK soon, keep checking. I have sent 2 complaints to their website and have not got even one reply.
  • Albrecht posted:

    on 26th February 2009, 03:53:24 - Reply

    I hope UBS as a company and the directors, as individuals, are hit HARD by this lawsuit. It is a shame that they feel they need to bow to pressures of the USA which thinks it runs the world instead of adherence to the law in their own country. Switzerland should stand firm against the hegemonic influence of the USA, but also UK and EU, who want to eliminate privacy in all facets (banking, telephonic, internet, etc.) The USA, and its minions like UK and EU, seem to want a police state everywhere. Of course, it is ok for US banks to break the law or regulations--- they'll just get bailed out but when another countries' bank follows the rules in their own country they will reap the whirlwind of the US wrath.