Financial Times FT.com

Swiss ask US to drop UBS case

WASHINGTON, April 25 - Swiss President Hans-Rudolf Merz asked US Treasury Secretary Timothy Geithner on Saturday to drop a legal case involving clients of UBS bank in return for a new tax accord the two countries are about to negotiate.

Mr Merz told reporters the new tax agreement would need to be adopted by lawmakers in both countries and perhaps be put to referendum in Switzerland, where it could stumble if the US tax evasion case was still hanging over UBS.

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