Deutsche Bank unit $31m to settle tax case

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Deutsche Bank’s Swiss unit agreed to pay $31m to receive a non-prosecution agreement in a U.S. probe of banks in Switzerland that helped Americans evade taxes.

Bloomberg News reports that the accord announced Tuesday by the Justice Department is the third-largest of 57 reached this year with Swiss banks. The firms, which must disclose how they helped U.S. taxpayers cheat the Internal Revenue Service, have paid a total of $570.4m.

Deutsche Bank has had other legal woes this year. On November 4, it agreed to pay $258m to the Federal Reserve and New York’s Department of Financial Services, and to fire six employees, to resolve a probe into sanctions violations from 1999 to 2006 for allegedly handling transactions linked to Iran, Libya, Syria, Burma and Sudan. The bank also increased its litigation reserves by $1.29bn in the third quarter, mainly to cover suspected wrongdoing at its Russian equity unit.

To access the complete Bloomberg News article hit the link below:

Deutsche Bank's Swiss Unit to Pay $31 Million in Tax Case

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