Inventio, a unit of Schindler Holding AG, dropped a lawsuit against ThyssenKrupp Elevator Corp. for allegedly infringing a patent for elevators at 1 World Trade Center in New York after the patent was found invalid.
UBS AG will likely win dismissal of billionaire Igor Olenicoff’s lawsuit blaming the bank for events that led him to plead guilty to failing to disclose about $200 million in offshore accounts on U.S. tax forms, a judge said.
The U.S. extended its crackdown on offshore tax evasion last week, charging Michael F. Schiavo, a managing director at SCG Consulting Group in Boston, with failing to report his offshore account at HSBC Holdings Plc to U.S. authorities.
Bradley Birkenfeld, the former UBS AG banker who went to prison after telling the Internal Revenue Service how the bank helped thousands of Americans evade taxes, secured a whistle-blower award of $104 million, the largest individual federal payout in U.S. history.
The U.S. Securities and Exchange Commission announced formation of a new investor advisory committee. The committee, required by the Dodd-Frank Act, has 21 members and will, according to the statement, advise on regulations, trading and the effectiveness of disclosure, as well as other issues.