UBS Operated Tax Haven Scheme: La. Pension Plan

Law360, New York (February 2, 2009, 12:00 AM EST) -- The New Orleans Employees' Retirement System has launched a putative class action against UBS AG, alleging the Swiss banking giant encouraged its wealthiest clients to evade U.S. tax laws by concealing billions of dollars in undeclared Swiss bank accounts at the expense of UBS shareholders.

In a complaint lodged Friday in the U.S. District Court for the Southern District of New York, the Louisiana pension plan, which manages about $400 million in assets and is a UBS shareholder, claims UBS and eight of its Swiss bankers...
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