Couple With Flagged Accounts Have RICO Suit Against UBS Tossed

A couple who sued Swiss bank UBS AG, claiming that the bank’s 2009 disclosure to the IRS about its cross-border business led to the couple’s “run-ins” with the IRS, had their case thrown out by a New York federal district court.

In 2005, a UBS employee made an unprompted address change to Jonathan and Esther Zuhovitzky’s account, in a move that the couple allege would create a paper trail to move the account into UBS’s U.S. cross-border business to generate higher revenues.

In 2009, the settled with the IRS, admitting it helped US clients hide upwards of $20 billion in ...