Wegelin, one of 11 Swiss banks being targeted by US authorities for allegedly helping US taxpayers evade taxes, said a summons to appear before a New York court in February had not been properly served and announced that it had filed a Swiss court action to dispute a second attempt to bring the bank before a hearing scheduled for May 23rd.
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In a statement, the Swiss bank said: "Apparently conceding that the earlier attempt at service was invalid, the US has now attempted to serve this summons upon the bank by means of international mutual assistance."
"This attempted service is also invalid for a variety of reasons. Accordingly, Wegelin & Co has filed an action in Swiss court to dispute the service," the bank added.
US prosecutors on 2 February 2012 accused Wegelin of helping clients hide more than US$1.2 billion in offshore bank accounts. They said the tax fraud conspiracy ran from 2002 and 2011, and involved more than 100 US taxpayers.
The indictment was part of a crackdown on alleged tax fraud, including efforts to pierce the tradition of Swiss bank secrecy.
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By GlobalData
