Mizrahi Tefahot Bank to pay $195 million in U.S. tax evasion settlementStaff Writer |
America Mizrahi Tefahot Bank is Israel's third-largest bank
Mizrahi Tefahot Bank, Israel's third-largest bank, admitted to helping clients evade U.S. taxes and agreed to pay $195 million in a deal with the U.S. Justice Department.
In a quarterly earnings report in August, the bank said it had set aside 425 million shekels ($117.75 million) during that quarter to cover a likely fine by U.S. authorities. The bank had previously set aside 161.9 million shekels ($44.86 million).
Earlier in August, the bank rejected a proposal from the Justice Department to pay a fine of $342 million to settle the tax evasion investigation, saying at the time that any "reasonable calculation" based on its employees' behavior would result in a significantly smaller fine. ■
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