The Seventh Circuit Court of Appeals has affirmed the dismissal of a class action that sought damages by class members as a result of the 2008 UBS tax evasion scandal.
The plaintiffs failed to disclose their UBS accounts on their Forms 1040, nor did they disclose the income they earned in those accounts. After paying the taxes they owed plus interest, under the IRS amnesty program, they sought to recover from UBS the penalties, interest and other costs they incurred.
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