UBS Clients Tell 7th Circ. Tax Fraud Suit Wrongly Axed

Law360, Chicago (December 7, 2012, 5:11 PM EST) -- An attorney for a putative class of former UBS AG offshore account holders faced skepticism from Seventh Circuit judges on Friday when he argued that his clients' failure to report those accounts for tax purposes resulted from the bank's effort to avoid its own obligations.

The plaintiffs are trying to revive their fraud suit seeking compensation for the back taxes and penalties they paid to the U.S. Internal Revenue Service in connection with the Swiss bank accounts they held with UBS. They allege those costs stemmed...
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