UBS whistle-blower settles dispute over $104m payout fee

Blowing Whistle

Bradley Birkenfeld, the former UBS private banker who exposed how the bank helped Americans evade taxes, settled legal disputes with a law firm that claimed it was owed $13m of his $104m whistle-blower award.

Bloomberg News reports that the Washington firm of Schertler & Onorato claimed Birkenfeld owed it 12.5% of any whistle-blower award he got from the Internal Revenue Service.

Birkenfeld sued the firm in Superior Court of the District of Columbia, claiming it mishandled his case. Both cases were dismissed last week, court records show. Terms weren’t disclosed.

Birkenfeld hired Schertler & Onorato in 2006 to help him tell the U.S. how UBS used Swiss bank secrecy to cheat the IRS. Birkenfeld told his story the next year to the IRS, the U.S. Justice Department, the U.S. Senate and the Securities and Exchange Commission.

Birkenfeld served 31 months in prison after pleading guilty to conspiracy and was released in August 2012, six weeks before the IRS gave him the largest federal whistle-blower award for an individual. Birkenfeld had fired Schertler & Onorato in 2008.

Hit the link below to access the complete Bloomberg article:

UBS Whistle-Blower Settles Fee Dispute Over $104 Million

JPMorgan Discloses Eight DOJ Probes From Asia to Madoff

Morgan Stanley Pledges $1 Billion to Boost Sustainability

image: © Steven Depolo

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts