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Scott Michel Speaks to Tax Notes: Swiss Court Blocks Credit Suisse From Sharing Ex-Employee's Data With U.S.
Caplin & Drysdale

Scott Michel Speaks to Tax Notes: Swiss Court Blocks Credit Suisse From Sharing Ex-Employee's Data With U.S.

Date: 7/1/2013

Scott D. Michel spoke with Tax Notes concern a Swiss court's decision to grant a former Credit Suisse employee's request for an injunction to stop Credit Suisse from transferring data about that employee to Justice Department authorities investigating the bank on suspicions of facilitating tax evasion.  For the full story, please visit Tax Notes' website.

Excerpt taken from the article "Swiss Court Blocks Credit Suisse From Sharing Ex-Employee's Data With U.S." by Stephanie Soong Johnston and Kristen A. Parillo for Tax Notes

Scott D. Michel of Caplin & Drysdale said the Credit Suisse employee's legal challenge demonstrates the tricky position Swiss banks find themselves in. "The banks in Switzerland that are trying to negotiate resolutions of the ongoing criminal investigations into their institutional conduct are in a difficult spot," he said. "I would expect that they undoubtedly would like to cooperate with the Justice Department, because such cooperation is an important factor that the DOJ weighs in deciding whether to bring charges against a business entity."

"But they are hamstrung by their domestic laws, and their voluntary cooperation can only go so far," he said. "To the extent the Swiss courts will now prohibit them from providing information on their personnel, not just their clients, this will further limit the data they can provide to try to negotiate an end to their cases."

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