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UBS may face lawsuits in US

UBS could face lawsuits in the United States if the Swiss parliament fails to agree to a deal passing data on the bank’s US clients to US tax authorities, Switzerland’s finance minister said.

Hans-Rudolf Merz told the newspaper SonntagsBlick he hoped parliament, which will vote on the measure in June, would approve the agreement, though he could not be sure.

“The justice and finance departments of the US administration signalled to us that they’d again take up the legal cases against UBS, which are now suspended,” said Merz.