US Demands 52,000 IDs from Swiss Banks

Headline Legal News

The United States filed for an injunction Thursday against Swiss bank USB AG, asking it to disclose the identities of the bank's nearly 52,000 American customers with Swiss accounts. The complaint claims that an estimated $14.8 billion in assets was hidden in these secret accounts as of the mid-2000s.
The United States says the Swiss bank marketed its services to wealthy U.S. citizens and helped set up dummy offshore companies to make it easier for them to duck taxes on income from the accounts.
The lawsuit, in Miami Federal Court, alleges that the bank trained its agents to avoid U.S. detection, and sent them to the United States to meet with U.S. clients nearly 4,000 times per year, in violation of federal law.
"This action sends a strong signal to taxpayers hiding their money offshore," said IRS Commissioner Doug Shulman, who urges taxpayers to come forward under the IRS' voluntary disclosure process.

Related listings

  • Media Giants Forcing Smaller Guys Out

    Media Giants Forcing Smaller Guys Out

    Headline Legal News 02/10/2009

    A magazine wholesaler claims industry giants - including The News Group and Time Inc. - are colluding to drive it out of business, and already have destroyed "the only other non-colluding wholesaler in the market," which went out of business last wee...

  • Wrongfully convicted, man can't sue prosecutor

    Wrongfully convicted, man can't sue prosecutor

    Headline Legal News 01/27/2009

    The Supreme Court says a man who was wrongly convicted and spent 24 years in prison may not sue the former Los Angeles district attorney and his chief deputy for violating his civil rights.The justices, ruling unanimously Monday, say decisions of sup...

  • ACLU Challenges Gov't Secrecy in the False Claims Act

    ACLU Challenges Gov't Secrecy in the False Claims Act

    Headline Legal News 01/20/2009

    The federal government has been defrauded of billions of dollars in hundreds of cases it has sealed under the False Claims Act, the ACLU claims in Federal Court. "The result of the secrecy provisions is that the federal court system is home to an ent...

New York Commercial Litigation Law Firm - Woods Lonergan PLLC

Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.

Business News

New York Adoption and Family Law Attorneys Our attorneys have represented adoptive parents, birth parents, and adoption agencies. >> read