The Swiss Federal Supreme Court has approved the initial turnover of 255 UBS depositor information approved by FINMA, thus overturning a prior holding of a lower court. The Swiss press release is
here (in German on pp. 1&2 and in English on pp. 3&4. I quote the English translation of the press releave in full:
Press Release of the Swiss Federal Supreme Court
Judgment of 15 July 2011 (2C_127/2010)
Disclosure of UBS customer data by FINMA to the US Department of Justice ruled lawful
On February 18, 2009, FINMA, the Swiss Financial Market Supervisory Authority, ordered that the data of 255 UBS customers be disclosed to the US Department of Justice. In its public deliberation of July 15, 2011, the Swiss Federal Supreme Court ruled that FINMA’s actions were lawful. In doing so, it reversed the ruling handed down by the Swiss Federal Administrative Court and upheld FINMA’s order.
FINMA ordered that the data of 255 UBS customers be disclosed to the US Department of Justice as a protective measure pursuant to articles 25 and 26 of the Banking Act. In doing so, it proceeded on the assumption that if this data hadn’t been disclosed, the US Department of Justice would have filed an indictment against UBS, which would arguably have caused the bank’s ruin and consequently have had serious repercussions for the Swiss economy.
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