US civil proceedings against UBS: Switzerland and USA agree in principle

Bern, Press release, 12.08.2009

The US civil proceedings against UBS are to be settled out of court after Switzerland and the USA reached an Agreement in Principle on Friday.

On the basis of this Agreement in Principle, Switzerland, represented by the FDJP, FDFA and FDF, and the USA, will now negotiate the details of the settlement. No further information can be released at the present time as confidentiality has been agreed for the full duration of the negotiation process.

A stay in the proceedings based on what is known as a John Doe summons was granted on 13 July, following a joint motion by both parties, with a view to reaching an out-of-court settlement. On Friday, the court sought an update on the state of settlement negotiations and scheduled a further conference call for next Friday, 7 August.


Address for enquiries:

Guido Balmer, Information service FDJP, T +41 31 322 18 18


Publisher:

Federal Departement of Justice and Police
Federal Department of Foreign Affairs