UBS Wins Dismissal of Billionaire Olenicoff’s Tax Lawsuit

UBS AG won dismissal of a lawsuit brought by billionaire Igor Olenicoff, who blamed the bank for events leading him to plead guilty to failing to disclose about $200 million in offshore accounts on U.S. tax forms.

U.S. District Judge Andrew Guilford in Santa Ana, California, threw out Olenicoff’s lawsuit against Zurich-based UBS, the largest Swiss bank, and his former banker, Bradley Birkenfeld. Olenicoff claimed UBS committed fraud by not telling him he owed U.S. taxes. He also said UBS traded excessively in his accounts.