Translated from Handelszeitung
Tax conflict. Since the high US fines might endanger some banks, a portion should be rolled over to American clients – this is at least being examined by bank lawyers.
Distinguished lawyers from commercial law firms are examining if the US fines for banks related to the tax conflict can be rolled over to American customers. Two lawyers from commercial law firms in Zürich confirmed this to the Handelszeitung.
This involves fines within the framework of the US program, which will become due in 2014. These are threatening some banks to be dangerously high. The law firms are examing if the small print in the general terms and conditions allows banks to legally roll these fines over to the clients. According to one lawyer, it would be crucial if the bank can prove that the US client misled the bank about taxes owed.
A precedent case could be a civil suit between a Russian and the private bank Coutts. The bank blocked the client’s 5 million dollars on grounds that the client did not inform the bank about his US citizenship. Coutts could not dismiss a possible resulting fine by the US government.