Shelby du Pasquier, a partner at Lenz & Staehelin, represents more than 20 banks in the tax dispute between the Swiss banks and the USA. At the private banking summit Euroforum he said “it will be a costly exercise that will run until spring of next year” when commenting on the US Program and added that he thinks that Julius Baer Group Ltd and a ‘smaller bank’ might be next for settlement after UBS in 2009 and Credit Suisse last spring.

Shelby du Pasquier also told Bloomberg that the US is eager to move on to scrutinize other offshore jurisdictions such as the Bahamas, Hong Kong and Singapore, but at the moment the US Department of Justice (DoJ) is struggling to process all the information received from the Swiss banks.