12/02/2013
Seven former UBS clients have case thrown out of California court
UBS has won another legal victory in the United States. On 30 January this year, a Federal judge in California rejected a lawsuit by former clients who had sued the major bank, as well as several other Swiss financial establishments, for fraud, professional negligence, and violation of fiduciary duties, La Tribune of Geneva reports. The verdict is important, as the lawsuit could have opened a breach into which other former clients may have rushed, the newspaper notes. The plaintiffs had accused UBS of being the cause of their problems with the US tax authorities, and were seeking damages and interest. They accused the bank of manipulating them and of giving their names to the US authorities, as part of an agreement signed with the US government in 2009. UBS rejected the claims, and asserted that its clients were perfectly aware.
