Swiss Approves Measure Allowing Banks to Settle with U.S.
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Swiss banks have moved to create a legal basis which would allow for its banks to reach settlements with U.S. authorities over accusations that they assisted wealthy Americans in evading billions in owed taxes.
The new litigation, which will be rushed through parliament in June, will allow banks to disclose activity of employees and clients, though identities would still remain secret.
Swiss officials didn't disclose how much all of the banks would have to pay in fines, though some speculation hovers around $10 billion. Swiss Finance Minister Eveline Widmer-Schlumpf also noted that the government would not offer financial assistance in banks which are seeking to settle.
U.S. stock futures are lower in early trading.
The new litigation, which will be rushed through parliament in June, will allow banks to disclose activity of employees and clients, though identities would still remain secret.
Swiss officials didn't disclose how much all of the banks would have to pay in fines, though some speculation hovers around $10 billion. Swiss Finance Minister Eveline Widmer-Schlumpf also noted that the government would not offer financial assistance in banks which are seeking to settle.
U.S. stock futures are lower in early trading.
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