United States, UBS and Switzerland Request Stay
in Court Proceedings

The Department of Justice, UBS and the Swiss government have requested a stay with a rescheduled hearing date of Aug. 3, 2009, in the proceedings for enforcement of the summons ordering UBS to turn over records of account holders.  The stay was requested in order to provide the parties additional time to discuss a possible alternative resolution of the matter. 

The parties have agreed that any alternative resolution reached would necessarily include a provision requiring UBS to provide the Internal Revenue Service information on a significant number of individuals with UBS accounts.  If an alternative resolution is not reached, the Department of Justice will continue to vigorously pursue enforcement of the summons through the court.