UBS Sued by Couple Over Disclosure of Wife’s Account to IRS (1)

UBS Group AG was sued by a couple who said the Swiss bank should not have disclosed the wife’s account information to the Internal Revenue Service because she was not a U.S. citizen.

Jonathan and Esther Zuhovitsky said in a suit filed Wednesday in Manhattan federal court that they endured an intense audit as result of the disclosure and at one point were even referred for prosecution by the IRS criminal division, though no charges were ultimately filed and they escaped having to pay millions of dollars in penalties.

Once a byword for hidden wealth, Swiss bank accounts were aggressively ...