The United States, Switzerland and UBS AG, the largest Swiss bank by assets are trying to reach an out of court settlement in a case over tax evasion that is challenging Swiss banking secrecy.

The U. S. and the UBS have requested the adjournment of the trial in Miami in order to have more time to continue discussions to find out some solution to the problem.

The dispute emerged on February 19, when the U. S. sued UBS AG in search of the identities of about 52,000 American customers who hold offshore account with UBS AG, signifying tax evasion.

However, the very next day UBS had accepted to pay $780 million to put off the lawsuit.

The Govt. of Switzerland has already supported UBS by stating revelation of data regarding 52,000 Americans would compel UBS to infringe secrecy-related Swiss criminal laws.

However, the U. S. Justice Department has clarified that any settlement would certainly demand the Internal Revenue Service information on a considerable number of Americans with UBS accounts.

No matter how this dispute ends, we can only hope that an artifact would remain to teach a lesson in even in the far future.