Deutsche Bank To Pay $553M For Tax Shelter Plot

Law360, New York (December 21, 2010, 3:00 PM EST) -- Deutsche Bank AG and U.S. authorities entered into a nonprosecution agreement Tuesday that requires the German financial services giant to pay more than $553 million and admit to criminal wrongdoing for helping wealthy Americans report $29 billion in fake tax profits.

The $553.6 million payment represents the total of the fees the Frankfurt-based bank earned from its participation in the tax shelter activity, the amount of taxes and interest the Internal Revenue Service was unable to collect from taxpayers because of the misconduct and a civil...
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