Others may follow Deutsche U.S. tax fraud deal
Business • December 2010 • Views: 388
Deutsche Bank’s settlement of a U.S. tax fraud case has raised expectations of similar deals being struck by other banks, although there was relief that the $553.6 million cost to the German bank would not hit its earnings.
Germany’s flagship lender admitted criminal wrongdoing for taking part in fraudulent tax shelters that allowed clients to hide billions of dollars, and agreed to pay up to settle the case, U.S. prosecutors said on Tuesday.