Following the release of client data earlier this month by UBS] and then US Justice Department immediately pushing for thousands more client details, UBS are now being sued, in Switzerland to keep the client data a secret. The phrase “rock and a hard place” springs to mind.
In Switzerland its a criminal offence to release client details, and previous release was authorized by the U Swiss Government, no doubt was under pressure from the US government. Liechtenstein had also indicated it was going to follow suit.
The decision taken by/for UBS, the flagship of Switzerland, had such an impact on the markets the Swiss Franc dropped in value.
If this claim, to keep the clients data secret, is a succsess it could mean that Swiss banking remains secret for another generation, if it fails it will be major change for Switzerland