Deutsche Bank to pay $554 mn to end US fraud case

NEW YORK: Deutsche Bank will pay some 554 million dollars to the United States after admitting criminal wrongdoing in a massive tax fraud case, New York prosecutors said in a statement on Tuesday.

The German bank admitted taking part "in financial transactions which furthered fraudulent tax shelters that generated billions of dollars in US tax losses," the office of the New York Southern District Attorney General said in a statement.

The 553.6 million dollar payment represents the total of the fees Deutsche Bank earned from its participation in the fraud, taxes and interests that US authorities lost as well as a 149-million-dollar fine.