Compliance
Deutsche Bank Agrees To Pay $95 Million To Resolve US Government Lawsuit

Last month, the German banking giant reached a $7.2 billion settlement in principle to resolve a US probe into its sale of toxic mortgage securities.
Deutsche Bank
has agreed to pay $95 million to settle a US government lawsuit
alleging that the group committed tax fraud for using “insolvent”
shell companies to conceal significant tax liabilities from the
Internal Revenue Service in 2000, according to media reports.
According to court documents filed earlier this week with the
federal court in Manhattan, the Frankfurt-headquartered lender
also admitted to attempting to slap the shell companies with the
tax bill for its then-new stake in drug manufacturer
Bristol-Myers Squibb.
The settlement resolves a lawsuit originally filed in December
2014 that sought to recoup more than $190 million in taxes,
penalties and interest.
"The government, through this action and settlement, has made
Deutsche Bank admit to its actions designed to avoid taxes," US
attorney Preet Bharara in Manhattan said in a
statement.
Deutsche Bank spokesperson Amanda Williams said in a statement:
“We are pleased to resolve this claim and put these events from
more than 16 years ago behind us.”
Last month, Deutsche Bank reached a $7.2 billion settlement in
principle to resolve a US probe into its sale of toxic mortgage
securities.