WASHINGTON, March 2 The Obama administration is
not interested in escalating a dispute between the United
States and Switzerland over bank secrecy laws, Switzerland's
top Justice official said on Monday after meeting with her
counterparts from the U.S. Justice Department.
Acting Deputy U.S. Attorney General David Margolis and U.S.
Attorney General Eric Holder "expressed their willingness to
negotiate with Switzerland, to discuss with us, and especially
in the UBS case, Mr. Margolis said that he was not interested
in having an escalation," Eveline Widmer-Schlumpf of
Switzerland told reporters in Washington after the meeting.
UBS (UBS.N) UBSN.VX, the world's largest banker to the
rich, agreed last month to pay a $780 million fine and disclose
the identity of about 300 of its U.S. clients to avert criminal
charges that Swiss regulators said would have put the bank's
existence at risk.
(Reporting by Corbett B. Daly; Editing by Neil Stempleman)