Germany's banking major Deutsche Bank agreed Wedsneday with the U.S. Justice Department to pay $95 million to settle a federal tax liability case. The settlement resolves a lawsuit filed in 2014 that had sought to recoup more than $190 million in taxes, penalties and interest.
The major allegation was that in 2000, the bank used a shell company BMY with little assets and no operating business, to evade taxable income and to gain from sale of stock. The shell company ended up in the tax liability of around $52 million. Through the settlement, the bank has admitted and accepted responsibility of the allegations.
U.S. Attorney Preet Bharara said, "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."
In a separate statement, Deutsche Bank 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.
This year, following companies will attend: Evolution Mining / Perseus Mining / Panoramic Resources
Are you considering doing an MBA or Executive MBA ? Then don't miss this opportunity and attend the
Private Equity in Zug: Der langfristige Horizont von Private Equity Investoren
The Lead Quantitative & Asset Management Event in Europe
Festival für Trends und die Zukunftsperspektiven im Marketing
Updates and news from MarketPlus
|SMI PR||8552.13||0,44 %|
|LYXOR DAX INAV||113.824||0,52 %|
|FTSE MIB Index||19077.95||0,52 %|
|FTSE 100||7295.37||-0,06 %|
|CAC 40||4877.20||0,25 %|
|S&P 500||2351.16||0,17 %|
|NASDAQ Composite||5838.58||0,41 %|
|HANG SENG INDEX||23963.63||-0,76 %|
|Powered by Yahoo Finance|