7th Circ. Thrashes 'Tax Cheats' Who Brought UBS Fraud Suit

Law360, Washington (February 7, 2013, 7:38 PM EST) -- The Seventh Circuit blasted a putative class of former UBS AG offshore account holders as it affirmed the dismissal of their case seeking compensation from the bank for back taxes on Thursday, calling the group “tax cheats” and slamming their “frivolous” arguments.

The three-judge panel struck down every argument made by the plaintiffs as they tried to hold UBS accountable for their failure to pay taxes on their Swiss bank accounts they held with the bank, saying the plaintiffs expected the bank to treat them like...
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