|Published:||Nov 16, 2010 4:52 PM EST|
|Updated:||Nov 16, 2010 1:52 PM EST|
MIAMI (AP) - The Internal Revenue Service is withdrawing its federal court summons seeking identities of suspected U.S. tax cheats at Swiss bank UBS AG after receiving more than 4,000 names.
IRS Commissioner Doug Shulman announced Tuesday that UBS had met terms of its August 2009 agreement to reveal the identities. Many will be prosecuted for tax evasion. The IRS used the summons filed in Miami to enforce the agreement.
Shulman says the IRS expects to eventually obtain more than 7,500 account holder names from UBS from the agreement and other methods.
Last month federal prosecutors dismissed a parallel criminal tax evasion case against UBS after the bank met terms of a deferred prosecution agreement. The bank in that case paid a $780 million fine.
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