August 24, 2009

Calo Quoted in French Newspaper on UBS Account Holders

Lane Powell Shareholder Bob Calo was quoted in French newspaper France-Amérique on August 21, 2009, regarding a civil suit brought by the United States Department of Justice against Swiss banking giant UBS AG (“UBS”) to force UBS to disclose names of account holders who may have used Swiss UBS accounts to evade the tax laws of the United States. Calo said he expected a large number of American account holders with potential tax irregularities to take advantage of a voluntary disclosure program in which they might face fines, but not criminal prosecutions or prison. This is the course of action Calo said he would recommend to his clients. “The U.S. government and the tax department spent an enormous amount of time in front of the courts to obtain names; this is an indication that they will continue to make actions against these account holders a priority,” Calo said. View the article (in French).