Bank Leumi Le Israel BM is reportedly close to a $400m settlement with US authorities to settle an investigation into whether it helped wealthy Americans evade taxes.
Under the proposed settlement, Bank Leumi would pay about $270m to the Justice Department and $130m to New York’s Department of Financial Services, Bloomberg has reported.
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The amount of the settlement has decreased in recent weeks after DFS chief Benjamin Lawsky dropped his request to $130m from $300m.
According to the publication, the decline in amount comes after Lawsky found that most of the conduct at issue took place in Los Angeles, where he does not have jurisdiction.
Last week, Leumi has set aside about ILS1.5bn in total, including ILS200m to cover the costs of an investigation by US regulators.
Bank Leumi spokesman Lee Neumann said that no agreement has been reached and the settlement process was still underway.
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By GlobalDataThe Bank Leumi probes are part of a seven-year US crackdown on offshore tax evasion.
