(FRANKFURT, Germany) -- Deutsche Bank AG has agreed to pay over $553.5 million to the U.S. after admitting participation in financial transactions that generated billions of dollars in U.S. tax losses.
In a statement Tuesday, the Department of Justice announced that the bank has admitted to criminal wrongdoing in the transactions that furthered fraudulent tax shelters.
The amount the bank will pay to the U.S. represents the total fees they earned from the activity, the amount of taxes and interest the Internal Revenue Service was unable to collect from taxpayers because of the misconduct, and a civil penalty of more than $149 million to settle the IRS' promoter penalty examination.
As part of the deal, Deutsche Bank has also agreed to continued cooperation and to appoint an independent expert to review compliance measures designed to prevent participation in future transactions that may be used to defraud the IRS.
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