Την αναδημοσιεύω, όπως τη βρήκα στα πλέον έγκυρα οικονομικά ειδησεογραφικά πρακτορεία και sites.
"...Η Deutsche Bank AG συμφώνησε σήμερα να πληρώσει 553,6 εκατ. δολ. στο πλαίσιο της διευθέτησης υπόθεσης με το αμερικανικό υπουργείο Δικαιοσύνης που αφορά στην απόκρυψη εισοδημάτων...", μεταδίδει το MarketWatch.
"...Το γραφείο του Εισαγγελέα στο Μανχάταν ανακοίνωσε ότι τα πρόστιμα αντιπροσωπεύουν τις αμοιβές που κέρδισε η τράπεζα βοηθώντας τους πελάτες της να βρουν παράνομα φορολογικά καταφύγια...", συνεχίζει το Associated Press.
Ειδες οι τίμιοι και σοβαροί Γερμανοί καπιταλιστές;
Διαβάστε το πλήρες κείμενο...
http://www.sfgate.com/
Σταύρος Κυριαζής
Deutsche Bank to pay over $550M in fraud probe
Associated Press December 21, 2010 03:40 PM
Tuesday, December 21, 2010
(12-21) 15:40 PST New York (AP) --
Deutsche Bank admitted criminal wrongdoing and agreed to pay more than $550 million in connection with its participation in tax shelters that enabled the rich to temporarily avoid paying hundreds of millions of dollars in U.S. taxes, authorities announced Tuesday.
Federal prosecutors and the Justice Department's tax division announced the deal, saying a nonprosecution agreement requires the bank to continue cooperating and to submit to the appointment of an independent expert who will review its compliance measures and ensure it does not help people dodge taxes in the future.
Authorities said the $553,633,153 payment by the bank will include that amount of taxes and interest that the Internal Revenue Service was unable to collect from taxpayers from 1996 to 2002 because of the misconduct. It also includes a civil penalty of more than $149 million.
In a statement, Deutsche Bank said it was pleased that the investigation had been resolved.
"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," it said. The bank said the payment had already been accounted for and would not have any impact on current net income.
Bank spokesman John Gallagher said the company had no additional comment.
U.S. Attorney Preet Bharara said in a news release that the bank provided a detailed statement of facts describing its wrongful conduct.
The nonprosecution agreement bars the bank from involvement with any prepackaged tax products of the type the bank had previously offered, according to the release.
In court papers, the Department of Justice agreed not to criminally prosecute Deutsche Bank for any crimes related to its participation in a broad conspiracy to defraud the Internal Revenue Service.
Authorities said the scheme enabled wealthy U.S. citizens from 1996 through 2005 to evade about $5.9 billion in individual income taxes on capital gains and ordinary income. The court papers said they dodged taxes by claiming $29.3 billion in bogus tax benefits that enabled them to claim losses that did not really exist.
The government said Deutsche Bank participated in about 15 different tax shelters, working 1,300 deals involving more than 2,100 customers.
Some tax shelters were supported by an opinion letter in which accounting giant KPMG and a law firm represented that the customers' tax position would "more likely than not" withstand IRS challenge, the government said.
KPMG LLP reached its own deal with the government admitting its role in the tax-shelter scheme. The firm avoided criminal prosecution by cooperating with authorities and was fined $456 million, including $128 million in forfeited fees from sales of the shelters.
(This version CORRECTS amount of settlement to $553,633,153, not $533,633,153.)
Για όσους δεν το πίστεψαν ακόμη...Επισυνάπτω και το έγγραφο του αρμοδίου εισαγγελέα..."...The $553,633,153 payment represents the total of the fees Deutsche Bank earned from its participation in the tax shelter activity, the amount of taxes and interest the IRS was unable to collect from taxpayers because of the misconduct, and a civil penalty of more than $149 million Deutsche Bank is paying to settle the IRS' promoter penalty examination...", λέει στο έγγραφό του ο εισαγγελέας!!!
Cha-ching.
That’s the sound that some down at One St. Andrews Plaza in lower Manhattan might be making today. One St. Andrews, of course, is the address for the U.S. Attorney’s office for the Southern District of New York, which earlier Tuesday announced it reached a $553.6 million deal with Deutsche Bank AG in a long-running probe over tax shelters that prosecutors said generated billions in false tax losses.
As part of the deal, Deutsche Bank has also admitted to criminal wrongdoing.
Click here for Chad Bray’s WSJ story; here for the Justice Department’s press release on the deal.
Under the non-prosecution agreement, reached between Deutsche Bank, the DOJ and the Internal Revenue Service, the German bank won’t be prosecuted for its sale of about 15 different tax shelters involving more than 2,100 customers between 1996 and 2002, including shelters marketed by accounting firm KPMG.
“Customers used the transactions to generate more than $29 billion in bogus tax benefits, mainly losses,” according to the agreement. The $553.6 million payment represents the total fees that the bank collected during the period, the taxes and the interest the IRS was unable to collect during the period and a civil penalty of more than $149 million. “Deutsche Bank is pleased that this investigation, which concerned transactions that ceased more than eight years ago, has come to a resolution,” the bank said in a statement.
The agreement resolves a long-running probe that stemmed from aggressive, prepackaged tax shelters that the government believes were fraudulent. More than a dozen people were charged criminally in the matter. A former KPMG LLP tax partner, a one-time KPMG senior tax manager and a lawyer in a case were convicted of criminal charges in 2009 in a case once billed as the largest tax-shelter fraud prosecution in U.S. history. KPMG also agreed to pay a $456 million penalty.
Law firm Jenkens & Gilchrist issued opinion letters touting the legitimacy of the transactions underlying some of the shelters. The firm closed its doors in 2007 after entering into its own agreement avoiding prosecution and agreed to pay a $76 million IRS penalty. Under the agreement, Deutsche Bank admitted it knew or should have known that the transactions underlying the shelters were “intended to create the appearance of investment activity, but taxpayers were entering into these transactions for the primary purpose of avoiding taxes, as opposed to making profits on the transactions.”
2. Deutsche Bank Admits Wrongdoing in Tax Case, to Pay $554 Million
Bloomberg
http://www.businessweek.com/
By David Glovin, David Voreacos and Bob Van Voris
Dec. 22 (Bloomberg) -- Deutsche Bank AG, Germany’s largest bank, admitted criminal wrongdoing and agreed to pay $553.6 million to avoid prosecution in the U.S. over fraudulent tax shelters that generated $29 billion in “bogus” tax losses. The U.S. Justice Department, under an agreement yesterday, won’t prosecute the Frankfurt-based bank for fraud or tax evasion for enabling wealthy U.S. citizens to avoid $5.9 billion in taxes, after the bank admitted criminal wrongdoing. The settlement includes a $149 million civil penalty, the fees that Deutsche Bank generated from the shelters, and the taxes and penalties the Internal Revenue Service was unable to collect from taxpayers because of the misconduct, according to the agreement.
From 1996 to 2002, “Deutsche Bank assisted high net worth United States citizens, who, through 2005, reported approximately $29.3 billion in bogus tax benefits on their tax returns,” according to the agreement. “DB acknowledges that it was wrong and unlawful to have engaged in these transactions and regrets having done so.” The settlement stems from a U.S. probe into illegal tax shelters sold by accounting firm KPMG LLP. The U.S. previously brought criminal charges against former KPMG executives. Charges against New York-based KPMG, one of the Big Four firms, were dismissed in January 2007 after the firm paid a $456 million fine. HVB Group agreed to pay $29.6 million to avoid prosecution on charges the Munich-based bank helped KPMG LLP sell shelters.
‘Appropriate Provisions’
As part of yesterday’s settlement, Deutsche Bank agreed to the appointment of an independent expert to ensure the bank doesn’t use transactions to defraud the IRS again, according to the agreement. The overseer’s term will run for at least one year.
“The bank has previously taken appropriate provisions for the full amount of the fine, so the payment will not have any impact on current net income,” the bank said in a statement. “Deutsche Bank is pleased that this investigation, which concerned transactions that ceased more than eight years ago, has come to a resolution.” Deutsche Bank admitted that it participated in 15 different shelters, including transactions called “BLPS,” “FLIP” and “HOMER,” in at least 1,300 deals for over 2,100 customers.
As part of the agreement, Deutsche Bank admitted that it knew or should have known that its participation in the deals was meant to create the appearance of legitimate investment activity, even though their “primary purpose” was to avoid taxes. The bank also said it knew that documents falsely describing the transactions would be used by taxpayers and promoters of the shelters.
Cooperation
Deutsche Bank agreed that it would continue to cooperate with the government, provide records, and alert prosecutors to related criminal activity it uncovers. The agreement bans Deutsche Bank from participating in “pre-packaged tax products,” which U.S. Attorney Preet Bharara said “were the type of tax shelters” previously offered by the bank.
Should the bank violate the agreement, the Justice Department may prosecute the bank or extend the tenure of the independent expert. Federal prosecutors in New York have brought criminal cases against numerous executives since 2005. The government initially accused 17 ex-KPMG executives, only to see charges against 13 of them dismissed once a judge ruled that prosecutors violated their right to counsel. Three were convicted at a trial, one was acquitted, and others who were later charged pleaded guilty.
The U.S. crackdown on illegal tax shelters also targeted Jenkens & Gilchrist, a Dallas-based law firm that once had 600 lawyers and which shut down after agreeing to pay millions of dollars to avoid prosecution for selling phony tax shelters. Executives at accounting firms BDO Seidman and Ernst & Young were also convicted of selling illegal shelters to wealthy clients.
--Editors: John Pickering, Charles Carter.
To contact the reporters on this story: David Glovin in New York federal court at dglovin@bloomberg.net; Bob Van Voris in New York atrvanvoris@bloomberg.net; David Voreacos in Newark, New Jersey, at dvoreacos@bloomberg.net.
To contact the editor responsible for this story: David E. Rovella at drovella@bloomberg.net
The German bank will avoid criminal prosecution for tax fraud as a result of the settlement. The U.S. Attorney had previously reached a settlement with accounting firm KPMG, which sold the tax shelter schemes, and Germany’s HVB Group, which helped sell them.Deutsche Bank’s settlement payment represents “the total of the fees Deutsche Bank earned from its participation in the tax shelter activity, the amount of taxes and interest the IRS was unable to collect from taxpayers because of the misconduct, and a civil penalty of more than $149 million,” according to the U.S. Attorney’s office.
http://www.marketwatch.com/
By Greg Morcroft
NEW YORK (MarketWatch) — Deutsche Bank AG on Tuesday admitted that it engaged in criminal behavior and agreed to pay $553.6 million in a settlement with the U.S. Department of Justice in a tax shelter case. The office of Preet Bharara, the U.S. Attorney in Manhattan, said that the fine represents the fees the company earned helping customers establish illegal tax shelters. His office said the tax shelters cost the U.S. billion of dollars in lost tax revenue.
Deutsche Bank admitted criminal wrongdoing and agreed to pay more than $550 million in connection with its participation in tax shelters that enabled the rich to temporarily avoid paying hundreds of millions of dollars in U.S. taxes, authorities announced Tuesday.
Federal prosecutors and the Justice Department's tax division announced the deal, saying a nonprosecution agreement requires the bank to continue cooperating and to submit to the appointment of an independent expert who will review its compliance measures and ensure it does not help people dodge taxes in the future.
Authorities said the $553,633,153 payment by the bank will include that amount of taxes and interest that the Internal Revenue Service was unable to collect from taxpayers from 1996 to 2002 because of the misconduct. It also includes a civil penalty of more than $149 million.
In a statement, Deutsche Bank said it was pleased that the investigation had been resolved.
"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," it said. The bank said the payment had already been accounted for and would not have any impact on current net income.
Bank spokesman John Gallagher said the company had no additional comment.
U.S. Attorney Preet Bharara said in a news release that the bank provided a detailed statement of facts describing its wrongful conduct.
The nonprosecution agreement bars the bank from involvement with any prepackaged tax products of the type the bank had previously offered, according to the release.
In court papers, the Department of Justice agreed not to criminally prosecute Deutsche Bank for any crimes related to its participation in a broad conspiracy to defraud the Internal Revenue Service.
Authorities said the scheme enabled wealthy U.S. citizens from 1996 through 2005 to evade about $5.9 billion in individual income taxes on capital gains and ordinary income. The court papers said they dodged taxes by claiming $29.3 billion in bogus tax benefits that enabled them to claim losses that did not really exist.
The government said Deutsche Bank participated in about 15 different tax shelters, working 1,300 deals involving more than 2,100 customers.
Some tax shelters were supported by an opinion letter in which accounting giant KPMG and a law firm represented that the customers' tax position would "more likely than not" withstand IRS challenge, the government said.
KPMG LLP reached its own deal with the government admitting its role in the tax-shelter scheme. The firm avoided criminal prosecution by cooperating with authorities and was fined $456 million, including $128 million in forfeited fees from sales of the shelters.
(This version CORRECTS amount of settlement to $553,633,153, not $533,633,153.)
Υπόθεση Deutsche Bank!!!
Χαμός έγινε στον οικονομικό τύπο!Για όσους δεν το πίστεψαν ακόμη...Επισυνάπτω και το έγγραφο του αρμοδίου εισαγγελέα..."...The $553,633,153 payment represents the total of the fees Deutsche Bank earned from its participation in the tax shelter activity, the amount of taxes and interest the IRS was unable to collect from taxpayers because of the misconduct, and a civil penalty of more than $149 million Deutsche Bank is paying to settle the IRS' promoter penalty examination...", λέει στο έγγραφό του ο εισαγγελέας!!!
United States Attorney
Southern District of New York
FOR IMMEDIATE RELEASE CONTACT: U.S. ATTORNEY'S OFFICE
DECEMBER 21, 2010 ELLEN DAVIS, EDELI RIVERA
, JESSIE ERWINPUBLIC INFORMATION OFFICE
(212) 637-2600
DEUTSCHE BANK TO PAY MORE THAN $550 MILLION TO RESOLVE FEDERAL TAX SHELTER FRAUD INVESTIGATION
PREET BHARARA, the United States Attorney for the Southern District of New York, DOUGLAS H. SHULMAN, the Commissioner of the Internal Revenue Service ("IRS"), and JOHN A. DiCICCO, the Acting Assistant Attorney General for the Tax
Division of the Department of Justice, announced today that Deutsche Bank AG ("Deutsche Bank") has agreed to pay $553,633,153 to the United States, and also admitted criminal wrongdoing in connection with its participation in financial transactions which furthered fraudulent tax shelters that generated billions of dollars in U.S. tax losses. The $553,633,153 payment represents the total of the fees Deutsche Bank earned from its participation in the tax shelter activity, the amount of taxes and interest the IRS was unable to collect from taxpayers because of the misconduct, and a civil penalty of more than $149 million Deutsche Bank is paying to settle the IRS' promoter penalty examination. As part of the resolution, Deutsche Bank entered into a non-prosecution agreement (the "NPA") with the United States requiring its continued cooperation, and also agreed to the appointment of an independent expert who will review the implementation and effectiveness of Deutsche Bank's compliance measures designed to ensure that Deutsche Bank does not participate in future transactions that may be used to defraud the IRS.
As part of the NPA, Deutsche Bank provided a detailed Statement of Facts setting forth its wrongful conduct. In addition, the NPA bans Deutsche Bank's involvement with any pre-packaged tax products, which were the type of tax shelters previously offered by Deutsche Bank, as set forth in the Statement of Facts.
The NPA requires Deutsche Bank to implement and maintain an effective compliance and ethics program. As part of that program, the NPA requires Deutsche Bank to install a government-appointed independent expert to ensure the efficacy of its ethics and compliance program. Moreover, Deutsche Bank has agreed to provide its full and truthful cooperation to the United States, including the voluntary provision of information and documents.
BART SCHWARTZ, of Guidepost Solutions, has been selected to serve as the independent expert pursuant to the NPA.
In this position, he will be responsible for evaluating the implementation and effectiveness of Deutsche Bank's compliance measures. Deutsche Bank has agreed to adopt all recommendations submitted by the independent expert unless Deutsche Bank objects to a particular recommendation and the United States Attorney's Office for the Southern District of New York agrees that adoption of such recommendation should not be required. In the event that Deutsche Bank violates the NPA, the Government may prosecute the bank, or the Government may extend the tenure of the independent expert.
* * *
Mr. BHARARA thanked the IRS for its outstanding work in the investigation of this matter. He also thanked the Department of Justice's Tax Division for its assistance.
This investigation is being overseen by the Office's Complex Frauds Unit. Assistant U.S. Attorneys Bonnie Jonas and Christopher Garcia are in charge of the prosecution.
10-408 ###1. Deutsche Bank Coughs Up Cool $553 Million in Tax-Shelter Deal
WSJ Blogs - Law Blog
http://blogs.wsj.com/law/2010/By Ashby Jones
Cha-ching.That’s the sound that some down at One St. Andrews Plaza in lower Manhattan might be making today. One St. Andrews, of course, is the address for the U.S. Attorney’s office for the Southern District of New York, which earlier Tuesday announced it reached a $553.6 million deal with Deutsche Bank AG in a long-running probe over tax shelters that prosecutors said generated billions in false tax losses.
As part of the deal, Deutsche Bank has also admitted to criminal wrongdoing.
Click here for Chad Bray’s WSJ story; here for the Justice Department’s press release on the deal.
Under the non-prosecution agreement, reached between Deutsche Bank, the DOJ and the Internal Revenue Service, the German bank won’t be prosecuted for its sale of about 15 different tax shelters involving more than 2,100 customers between 1996 and 2002, including shelters marketed by accounting firm KPMG.
“Customers used the transactions to generate more than $29 billion in bogus tax benefits, mainly losses,” according to the agreement. The $553.6 million payment represents the total fees that the bank collected during the period, the taxes and the interest the IRS was unable to collect during the period and a civil penalty of more than $149 million. “Deutsche Bank is pleased that this investigation, which concerned transactions that ceased more than eight years ago, has come to a resolution,” the bank said in a statement.
The agreement resolves a long-running probe that stemmed from aggressive, prepackaged tax shelters that the government believes were fraudulent. More than a dozen people were charged criminally in the matter. A former KPMG LLP tax partner, a one-time KPMG senior tax manager and a lawyer in a case were convicted of criminal charges in 2009 in a case once billed as the largest tax-shelter fraud prosecution in U.S. history. KPMG also agreed to pay a $456 million penalty.
Law firm Jenkens & Gilchrist issued opinion letters touting the legitimacy of the transactions underlying some of the shelters. The firm closed its doors in 2007 after entering into its own agreement avoiding prosecution and agreed to pay a $76 million IRS penalty. Under the agreement, Deutsche Bank admitted it knew or should have known that the transactions underlying the shelters were “intended to create the appearance of investment activity, but taxpayers were entering into these transactions for the primary purpose of avoiding taxes, as opposed to making profits on the transactions.”
2. Deutsche Bank Admits Wrongdoing in Tax Case, to Pay $554 Million
Bloomberg
http://www.businessweek.com/
By David Glovin, David Voreacos and Bob Van Voris
Dec. 22 (Bloomberg) -- Deutsche Bank AG, Germany’s largest bank, admitted criminal wrongdoing and agreed to pay $553.6 million to avoid prosecution in the U.S. over fraudulent tax shelters that generated $29 billion in “bogus” tax losses. The U.S. Justice Department, under an agreement yesterday, won’t prosecute the Frankfurt-based bank for fraud or tax evasion for enabling wealthy U.S. citizens to avoid $5.9 billion in taxes, after the bank admitted criminal wrongdoing. The settlement includes a $149 million civil penalty, the fees that Deutsche Bank generated from the shelters, and the taxes and penalties the Internal Revenue Service was unable to collect from taxpayers because of the misconduct, according to the agreement.
From 1996 to 2002, “Deutsche Bank assisted high net worth United States citizens, who, through 2005, reported approximately $29.3 billion in bogus tax benefits on their tax returns,” according to the agreement. “DB acknowledges that it was wrong and unlawful to have engaged in these transactions and regrets having done so.” The settlement stems from a U.S. probe into illegal tax shelters sold by accounting firm KPMG LLP. The U.S. previously brought criminal charges against former KPMG executives. Charges against New York-based KPMG, one of the Big Four firms, were dismissed in January 2007 after the firm paid a $456 million fine. HVB Group agreed to pay $29.6 million to avoid prosecution on charges the Munich-based bank helped KPMG LLP sell shelters.
‘Appropriate Provisions’
As part of yesterday’s settlement, Deutsche Bank agreed to the appointment of an independent expert to ensure the bank doesn’t use transactions to defraud the IRS again, according to the agreement. The overseer’s term will run for at least one year.
“The bank has previously taken appropriate provisions for the full amount of the fine, so the payment will not have any impact on current net income,” the bank said in a statement. “Deutsche Bank is pleased that this investigation, which concerned transactions that ceased more than eight years ago, has come to a resolution.” Deutsche Bank admitted that it participated in 15 different shelters, including transactions called “BLPS,” “FLIP” and “HOMER,” in at least 1,300 deals for over 2,100 customers.
As part of the agreement, Deutsche Bank admitted that it knew or should have known that its participation in the deals was meant to create the appearance of legitimate investment activity, even though their “primary purpose” was to avoid taxes. The bank also said it knew that documents falsely describing the transactions would be used by taxpayers and promoters of the shelters.
Cooperation
Deutsche Bank agreed that it would continue to cooperate with the government, provide records, and alert prosecutors to related criminal activity it uncovers. The agreement bans Deutsche Bank from participating in “pre-packaged tax products,” which U.S. Attorney Preet Bharara said “were the type of tax shelters” previously offered by the bank.
Should the bank violate the agreement, the Justice Department may prosecute the bank or extend the tenure of the independent expert. Federal prosecutors in New York have brought criminal cases against numerous executives since 2005. The government initially accused 17 ex-KPMG executives, only to see charges against 13 of them dismissed once a judge ruled that prosecutors violated their right to counsel. Three were convicted at a trial, one was acquitted, and others who were later charged pleaded guilty.
The U.S. crackdown on illegal tax shelters also targeted Jenkens & Gilchrist, a Dallas-based law firm that once had 600 lawyers and which shut down after agreeing to pay millions of dollars to avoid prosecution for selling phony tax shelters. Executives at accounting firms BDO Seidman and Ernst & Young were also convicted of selling illegal shelters to wealthy clients.
--Editors: John Pickering, Charles Carter.
To contact the reporters on this story: David Glovin in New York federal court at dglovin@bloomberg.net; Bob Van Voris in New York atrvanvoris@bloomberg.net; David Voreacos in Newark, New Jersey, at dvoreacos@bloomberg.net.
To contact the editor responsible for this story: David E. Rovella at drovella@bloomberg.net
3. Deutsche Bank Settles Tax Shelter Case for $553.6 Million
Barron's
December 21, 2010, 4:21 PM ET
By Avi Salzman
Deutsche Bank (DB) agreed on Tuesday to pay $553.6 million to settle charges that it helped customers use tax shelters to claim billions of dollars worth of bogus tax benefits.The German bank will avoid criminal prosecution for tax fraud as a result of the settlement. The U.S. Attorney had previously reached a settlement with accounting firm KPMG, which sold the tax shelter schemes, and Germany’s HVB Group, which helped sell them.Deutsche Bank’s settlement payment represents “the total of the fees Deutsche Bank earned from its participation in the tax shelter activity, the amount of taxes and interest the IRS was unable to collect from taxpayers because of the misconduct, and a civil penalty of more than $149 million,” according to the U.S. Attorney’s office.
Deutsche Bank says it has already taken provisions to reflect the settlement and it won’t affect current net income. Shares closed on Tuesday up 0.5% at $52.05.
4. Deutsche settles tax case for $553.6 mln
MarketWatchhttp://www.marketwatch.com/
By Greg Morcroft
NEW YORK (MarketWatch) — Deutsche Bank AG on Tuesday admitted that it engaged in criminal behavior and agreed to pay $553.6 million in a settlement with the U.S. Department of Justice in a tax shelter case. The office of Preet Bharara, the U.S. Attorney in Manhattan, said that the fine represents the fees the company earned helping customers establish illegal tax shelters. His office said the tax shelters cost the U.S. billion of dollars in lost tax revenue.
“The $553,633,153 payment represents the total of the fees Deutsche Bank /quotes/comstock/13*!db/
As part of the settlement, Deutsche Bank has admitted criminal wrongdoing and agreed to provide continued cooperation. In its own statement, Deutsche Bank noted the transactions were between 1996 and 2002, and it’s since “significantly strengthened” its policies. There is no impact on current net income because the lender already took provisions against it.
“Deutsche Bank is pleased that this investigation, which concerned transactions that ceased more than eight years ago, has come to a resolution,” the bank said.
Greg Morcroft is MarketWatch's financial editor in New York.
As part of the settlement, Deutsche Bank has admitted criminal wrongdoing and agreed to provide continued cooperation. In its own statement, Deutsche Bank noted the transactions were between 1996 and 2002, and it’s since “significantly strengthened” its policies. There is no impact on current net income because the lender already took provisions against it.
“Deutsche Bank is pleased that this investigation, which concerned transactions that ceased more than eight years ago, has come to a resolution,” the bank said.
