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Deutsche Bank to Pay $553 Million in Tax Case

New York, NY: Deutsche Bank has agreed to admit criminal wrongdoing and pay a settlement of $553 million, settling a long-running investigation into tax shelter fraud by the US States Attorney's Office.

By settling the investigation Deutsche Bank will escape prosecution for helping 2,100 customers evade taxes through some 2,300 financial transactions. The settlement was reached with the I.R.S. and Preet Bharara, the United States attorney for the Southern District of New York.

"This settlement marks another victory in the long effort to stop financial institutions, law firms and accounting firms from designing and marketing abusive tax shelters, and facilitating those who use them," said Senator Carl Levin, chairman of the Permanent Subcommittee on Investigations.

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Last updated on Dec-29-10