Deutsche Bank is to pay $95m to resolve a US government tax fraud lawsuit which accused the bank of using "insolvent" shell companies to hide tax liabilities from the tax office in 2000. The settlement resolves a lawsuit filed in December 2014 that had sought to recoup more than $190 million in taxes, penalties and interest. The settlement with New York state comes as part of an agreement between the Justice Department and the Federal Reserve over allegations that banks helped wealthy Americans evade taxes by setting up offshore accounts. Deutsche Bank says it is pleased to resolve the claim and move on.
Deutsche Bank is to pay $95m to resolve a US government tax fraud lawsuit which accused the bank of using "insolvent" shell companies to hide tax liabilities from the tax office in 2000. The settlement with New York state comes as part of an agreement between the Justice Department and the Federal Reserve over allegations that banks helped wealthy Americans evade taxes by setting up offshore accounts. Deutsche Bank says it is pleased to resolve the claim and move on.