TIMELINE-UBS trial delayed

Mon Jul 13, 2009 4:47pm BST
 
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July 13 (Reuters) - A U.S. federal court judge in Miami approved a delay in a high profile trial in which U.S. tax authorities hope to force UBS AG (UBSN.VX) (UBS.N) to reveal the identities of thousands of Americans suspected of using the Swiss bank to evade taxes. [ID:nLD512868]

Following is a timeline of recent events at UBS:

April 1, 2008 -- Doubles its writedowns, dumps its chairman, Marcel Ospel, and seeks more emergency capital. It proposes its lawyer, Peter Kurer, as Ospel's successor.

May 6 -- Says it will axe 5,500 jobs and sell billions of dollars of ailing assets to weather the subprime crisis.

June 19 -- A former UBS banker who once smuggled a client's diamonds into the U.S. in a toothpaste tube pleads guilty to helping a billionaire hide $200 million in assets from U.S. tax authorities, part of a broader tax evasion probe of UBS.

Oct. 16 -- Announces it is to get 6 billion francs from the Swiss government for a 9.3 percent stake and is to unload $60 billion of toxic assets into a new central bank fund.

Nov. 12 -- Raoul Weil, head of UBS AG's wealth management business, is charged with conspiring to help thousands of wealthy Americans hide $20 billion of assets from U.S. tax authorities in Swiss bank accounts.

Feb. 10, 2009 - Posts a 2008 loss of 19.7 billion francs, the biggest ever loss for a Swiss company. Cuts 2,000 more jobs.  Continued...

 

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