US civil proceedings against UBS: Switzerland and the USA reach settlement

Bern. The out-of-court settlement sought in the US civil proceedings against UBS has been reached. The details of the arrangement were worked out between Switzerland and the USA over the last few days. The judge was informed during a telephone conference on Wednesday. The settlement now has to be signed by both states.

Following the agreement in principle reached between Switzerland and the USA on 31 July, the details of the settlement were negotiated over the past several days. A text to that effect was initialled early this morning, Swiss time.

The Swiss delegation involved in the negotiations consisted of representatives from the FDJP, the FDFA and the FDF. The head of the FDJP, Eveline Widmer-Schlumpf, considers the outcome a success reflecting the intensive efforts of all involved: “I am pleased to say that it has been possible to resolve the matter in the form of a compromise between two sovereign – that is in the interests of both states.”

The settlement now has to be signed by representatives of both governments. Details concerning the content of the settlement can be released once the settlement has been signed.