March 2, 2009

Whatley Drake & Kallas is investigating the offshore banking practices of global banking giant, UBS. A July 2008 United States Senate Report concluded, among other things, that UBS employed banking practices that could facilitate, and have resulted in, improper tax treatment by their U.S. clients; UBS has accounts in Switzerland for an estimated 19,000 U.S. clients with assets valued at $18 billion that have not been disclosed to the IRS; and UBS structured these foreign accounts to avoid U.S. tax reporting requirement. UBS recently entered into a deferred prosecution agreement with the U.S. government under which the government is reportedly seeking the names of 52,000 U.S. clients of UBS that the government believes have underpaid taxes. These clients could face criminal prosecution, as well as IRS proceedings to recover back-taxes, interest, and substantial penalties. Whatley Drake & Kallas is investigating whether these clients have potential claims against UBS and others for tax advice, services, and representations given in connection with these offshore accounts. For more information, please visit www.taxshelterlitigators.com.

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