Swiss justice minister says deal with US on alleged UBS tax cheats may have to be renegotiated

Swiss gov’t may revisit US deal in UBS tax case

GENEVA — The Swiss government says it may have to renegotiate a carefully wrought deal with the United States that aimed to end proceedings against Swiss bank UBS.

Switzerland agreed last August to hand over thousands of files on suspected tax cheats in return for an end to proceedings against UBS.

Justice Minister Eveline Widmer-Schlumpf says the government will respect a Swiss court decision last week that declared parts of the deal illegal.

Widmer-Schlumpf says Swiss officials will now meet with their American counterparts to “discuss with the United States how we can solve this.”

She said Wednesday the outcome will affect not just the future of UBS but “also the stability of the financial center and the economic situation of Switzerland.”