Bank Leumi agrees settlement with US over tax probe

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Bank Leumi Le Israel BM, will pay $400m to settle two separate investigations into whether it helped its U.S. clients evade taxes.

Reuters reports that the lender also fired some senior employees who engaged in misconduct and agreed to have an independent monitor review its compliance programs, the New York State Department of Financial Services said in a statement.

Bank Leumi had been negotiating for months with the U.S. Department of Justice and New York state to settle an investigation of possible tax evasion.

The bank will pay the U.S. government a total of $270m and the state department will receive $130m.

To access the complete Reuters article hit the link below:

Israel's Bank Leumi to pay $400 mln for U.S. tax settlement

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