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.
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