Deutsche Bank settles New York lawsuit with $95M payment

AP News
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Posted: Jan 04, 2017 7:41 PM

NEW YORK (AP) — Deutsche (DOY'-chuh) Bank will pay $95 million to resolve a New York civil lawsuit accusing it of evading tens of millions of dollars in federal taxes through shifty financial moves.

The agreement to settle a 2014 lawsuit brought by the U.S. government was approved Wednesday by a Manhattan federal court judge.

U.S. Attorney Preet Bharara (buh-RAH'-ruh) says his office revealed how the bank used a web of shell companies to dodge taxes.

Deutsche Bank AG is based in Frankfurt, Germany. It says it's "pleased to resolve" the claim and put the "events from more than 16 years ago" behind it.

Prosecutors say the bank as part of its settlement agreement admitted it set up the plan to avoid taxes through a 2000 financial transaction.