UBS tax cash could backfire

US banks and the economy could suffer as a result of the high-profile tax evasion case pitting the Internal Revenue Service against UBS, supporters of the Swiss bank said in a federal court filing yesterday. In a joint filing on Friday, five business and banking groups urged Federal District Court Judge Alan Gold to reject IRS demands that UBS reveal the names of 52,000 Americans suspected of using the bank to hide nearly $15bn in assets and evade US taxes.