Swiss authorities said they would continue talks with the U.S. to resolve an impasse over the disclosure of secret bank accounts at UBS [UBS] after a Swiss court blocked a deal reached by the two governments last year.

Switzerland’s Federal Office of Justice said the Swiss Federal Council has analyzed the court ruling and decided to continue talks with the U.S., noting that the ongoing threat of conflict over legal and sovereignty matters would have a negative impact on Switzerland as a center of finance and business. A second possibility would be to ask the Swiss Parliament to approve the U.S. treaty request agreement.

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