Deutsche Bank settles tax fraud suit for $95 million
Deutsche Bank AG agreed Wednesday to pay the U.S. government $95 million to settle a tax fraud lawsuit.
The suit, filed in 2014, claimed the German bank used shell companies to evade paying tens of millions of dollars in U.S. taxes in 2000. The government had sought as much as $190 million in taxes, penalties and interest.
“The government, through this action and settlement, has made Deutsche Bank admit to its actions designed to avoid taxes and pay $95 million to the United States to account for this conduct,” U.S. Attorney Preet Bharara said in a statement.
In a separate statement, Deutsche Bank DB, -0.15% spokeswoman Amanda Williams said: “We are pleased to resolve this claim and put these events from more than 16 years ago behind us.”
Last month, Deutsche Bank agreed to a $7.2 billion settlement over a mortgage-securities investigation by the Justice Department.
Source: MarketWatch
