Sunday 18 February, 2018
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Deutsche Bank pays 95 million euros to settle tax avoidance suit

News Desk
Published: 05 January 2017 Thursday, 10:25  PM

Deutsche Bank pays 95 million euros to settle tax avoidance suit

Embattled German lender Deutsche Bank has settled another of its US lawsuits after agreeing a 95-million-dollar payment, state prosecutors said.

"Using a web of shell companies and series of calculated transactions, Deutsche Bank sought to escape liability for tens of millions of dollars in taxes," said New York state attorney Preet Bharara on Wednesday, in a statement explaining the payment.

The deal comes two weeks after Deutsche Bank agreed to pay 7.2 billion dollars to settle an investigation of fraud cases involving the sale of mortgage-backed securities in the run-up to the 2008 financial crisis.

The huge total bill for such settlements have made the lawsuits one of Deutsche Bank`s biggest liabilities.

The firm nevertheless in November posted a surprise return to profit in the third quarter.

 

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