UBS Disclosure War

For all the fanfare that accompanied Swiss bank UBS' disclosure of some of its notorious secret bank accounts yesterday, the battle to pierce the institution's traditional veil of secrecy is just getting started. Yesterday, the U.S. filed a new lawsuit demanding that UBS give information on far more suspected tax dodgers than the 300 surrendered so far -- perhaps as many as 52,000. UBS is planning to contest the demands, but admitted in Wednesday's settlement of a previous suit that it had conspired to help American clients dodge their taxes with offshore accounts.