Swiss Bank Agrees To Settle Charges

from National Public Radio

Switzerland's largest bank has struck a deal in U.S. federal court after admitting to helping defraud the IRS. UBS has agreed to pay $780 million in fines and penalties to settle allegations it conspired to cheat the government out of taxes owed by big clients. The bank also agreed to immediately turn over information on the Swiss accounts of its U.S. customers.

Broadcast Dates

• Morning Edition, February 19, 2009