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US-based bank JP Morgan has agreed to a EUR 25 million euros (USD 29.6 million) fine in a settlement of a tax fraud case, French financial prosecutors’ office said, according to Reuters.
The financial prosecutors’ office said in a statement a Paris court had approved on Thursday, 2 September 2021, the settlement sealed with JP Morgan. The settlement follows a probe opened in 2012.
French authorities suspected the bank of helping top Wendel executives set up a profit-sharing entity that let them avoid taxes on EUR 315 million of investment gains in 2007 and 2008, according to malaymail.com.
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