The Justice Department said in a court filing that UBS AG (NYSE:UBS) "systematically and deliberately" violated U.S. law by attracting wealthy Americans to tax-sheltered Swiss bank accounts, and it now must surrender the identities of 52,000 clients to regulators, according to an AP report. Justice Department tax attorney Stuart Gibson said in the filing, "It is time for UBS to face the consequences that it has brought upon itself." He continued, "In sum, UBS has admitted that its bankers committed very serious crimes on U.S. soil, in ways that subjected UBS to the full jurisdiction of the IRS and the courts of the United States." UBS spokeswoman Karina Byrne said the bank is "open to an appropriate solution," and reiterated its former stance that disclosing the names would be a violation of Swiss law, and that the two governments should sort the matter out rather than the courts.

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