UBS Hands over 4,450 Names

UBS AG agreed to provide 4,450 names of U.S. account holders to settle a tax-evasion lawsuit, according to news reports.

The settlement was negotiated between U.S. and Swiss officials in recent weeks, led in the U.S. by the Justice Department and Internal Revenue Service (IRS), according to The Wall Street Journal.

In addition to the names turned over by the Swiss banking giant, some 5,000 names are expected to be produced through an IRS amnesty program where UBS clients would acknowledge unpaid income tax, the WSJ reported.

In total, 10,000 identities of Americans who banked with UBS will be revealed. That number also includes 250 names revealed by UBS as part of its $780 million criminal settlement with the Justice Department in February, according to the news report.

Reports have estimated that about 52,000 American clients used UBS to conceal their full net worth.