According to the Agefi, the Geneva court confirms in a second ruling that the transfer of a former Credit Suisse bank employee’s data to the US as part of the tax evasion settlement was and remains illegal. This was justified on the grounds of lack of ‘overriding public interest’.
According to lawyers this is the first second instance verdict in a main trial. Douglas Hornung estimates that there are around 500 such pending legal cases.
As long as the courts decide on single cases the complainants have a natural advantage by tendency because the redaction of a single name will not jeopardise the US Tax Program deal for a Swiss bank with the US. The more NPAs are signed the higher the chances for the individual to win in court.
The Swiss newspaper NZZ reports that a lawyer is aware of banks with a considerable number of pending cases with a precautionary delivery block. A general blockage could be an issue for such banks and the DoJ could come back to it if problems occur even after an NPA is signed. In such cases the court could attach greater weight to public interests especially if the US Tax Program is at stake.