Key
Developments
 August
6, 2009:
As
you will see in the media in the USA; and, in Switzerland;
the USA and the Swiss have agreed to terms whereby the names
and account details of about 5,000 US customers of UBS will
be summarily released to the IRS, and other US agencies in
the USA by the Swiss bankers under the provisions of the existing
Treaty between the US and the CH. In other words, not under
the new Treaty.
Together with our local Swiss litigation team, who already
have extensive court experience in such matters, this will
result in various legal actions in the appropriate Swiss courts
to enjoin the release of the names and account details; and,
to seek other appropriate legal remedies, under Swiss national
and international law.
If you have clients who wish to participate; or, who may benefit
as a result of these legal actions to protect their legal
rights in Switzerland; and, in the USA, please consider these
remedies, where appropriate; and, consult with us if you wish.
Please note that in Swiss litigation, the names of the plaintiffs
are normally kept non-public: thus "Plaintiff individual
A", "Plaintiff Company B", "Plaintiffs
joint account holders C + D", "Plaintiff Liechtenstein
Anstalt E", "Plaintiff Panamanian Company F",
"Plaintiff Decedent's Estate/Trust G", etc.
The matter is of utmost urgency, since the settlement
being announced by the USA; and, in the CH, states that the
Swiss intend to comply in an expedited manner. There is no
suggestion that the settlement will afford any taxpayer the
right to be heard; or, to assert any legal or other rights
in any US court, including even basic due process protections.
The rights of the clients may be forever forfeited, unless
immediate action is considered.
Please bring this to the immediate attention of your clients,
who may be affected.
We also expect appropriate US litigation in various District
Courts; and, in the US Court of Federal Claims in Washington
DC; seeking, inter alia, proper allocation, credit and refund
to the taxpayers of the $100's of millions to be paid by UBS
on account of US taxes, interest and penalties of its US customers.
As to the estimated 5,000 clients who are now targeted as"
beneficial owners" of offshore companies; looked at separately,
that would be an average range of about $80,000 to $156,000
per taxpayer, by way of potential credit or refund.
DM
is pleased to announce our association with girardi
and keese
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Swiss
Supreme Court and Swiss Administrative Court cases (translated
by us into English) approving release of US customer banking
data to the IRS, despite so-called Swiss banking secrecy:
Cases that UBS does not want you to know about!