Deutsche Pays $550M to End Tax Probe
NEW YORK (
) --
Deutche Bank
(DB) - Get Report
said it has agreed to pay more than $550 million to resolve a fraud investigation with federal authorities.
The German bank said it had entered into agreements with the U.S. Justice Department and the Internal Revenue Service to settle a tax-shelter probe related to client transactions from 1996 to 2002.
Deutche Bank said the payment won't have an impact on profit because the bank had already reserved against potential claims.
"Deutsche Bank is pleased that this investigation, which concerned transactions that ceased more than eight years ago, has come to a resolution," the company said in a statement. "Since 2002, the Bank has significantly strengthened its policies and procedures as part of an ongoing effort to ensure strict adherence to the law and the highest standards of ethical conduct."
In recent trading, its shares were up 0.5% at $52.07.
-- Written by Lauren Tara LaCapra in New York
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