The Justice Department has dismissed tax fraud charges against UBS after the Swiss bank complied with a deferred prosecution agreement that it signed last year.
Justice Department attorneys filed a motion in federal court in Fort Lauderdale, Fla., on Friday formally dismissing the criminal tax evasion case filed in February 2009. At that time, UBS and the Justice Department entered into a deferred prosecution agreement under which the bank agreed to pay $780 million and admit that it facilitated tax evasion between 2000 and 2007.
At the time, the bank also agreed to hand over information on more than 250 clients. After the IRS sued the bank seeking information on 52,000 secret accounts at the bank, UBS and the Swiss government agreed to hand over an additional 4,450 names.
The Justice Department said that UBS had fulfilled its obligations under the agreement and that dismissal is appropriate.
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