More delays for Swiss tax deal

City A.M. Reporter
SWITZERLAND’S lower house of parliament has stalled a government bid to protect its banks from criminal charges in the US for helping wealthy Americans to evade tax.

The lawmakers refused to address a bill aimed at allowing banks to sidestep strict Swiss secrecy laws by disclosing their US dealings with prosecutors, helping them strike deals expected to include fines that could cost the industry as much as $10bn (£6bn). The move means the law is unlikely to be fast-tracked before the end of summer session on Friday.