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UBS will not appear in a Miami court today to defend itself against the United States Justice Department. In a joint filing Sunday morning, the banking giant and the U.S. government asked the court for a continuance until August 3.
That would give both sides more time to resolve the dispute in which the U.S. government is seeking the names of Americans that it suspects are using the bank to hide billions of dollars from tax authorities.
It’s been widely speculated that UBS could pay billions of francs to settle the case out of court.