US civil proceedings against UBS: Stay extended once again
Press Release, FDJP, 07.08.2009
Bern. The out-of-court settlement being sought in the US civil proceedings against UBS has not yet been achieved. The stay in proceedings will therefore be extended for a further week until Monday, 17 August. The court in Miami approved a motion by both parties to that effect on Friday.
Switzerland and the USA reached an agreement in principle a week ago to settle the matter out of court. Despite intensive efforts on both sides, the judge was informed that it has not yet been possible to resolve all of the details of the settlement. The judge subsequently decided to stay the proceedings once more. A further telephone conference has been scheduled for next Wednesday.
The search for a settlement therefore continues. The head of the FDJP, Eveline Widmer-Schlumpf, stated that, “The negotiating team from the FDJP, FDFA and FDF will continue to work intensively to clarify the details of the settlement. We will continue to strive for a solution that takes into account the interests of both states.”