News Journal

U.S. government files suit against UBS

U.S. government filed a suit against largest bank of Switzerland, UBS stating that the bank hid account details of as many as 52,000 American customers who were hiding their income details and not paying taxes.

The bank has been alleged of having 32,940 secret accounts and it held assets of $14.8 billion during the middle of decade. Federal agencies reported that the wealthy customers of the bank are not showing income and evading paying taxes.