Deutsche Bank AG Enters into Non-Prosecution Agreement over Tax Shelters

On December 21, 2010, Deutsche Bank AG (hereafter DB) concluded a non-prosecution agreement (NPA) with the U.S. Attorney’s Office in the Southern District of New York, in which it admitted criminal wrongdoing for participating in 15 different tax shelters, engaging in at least 1,300 deals involving over 2,100 customers, and implementing over 2,300 financial transactions. DB agreed in the NPA to pay the U.S. $553,633.153 and to undertake for the next two years cutting edge measures to ensure the anti-tax avoidance due provisions are effective. In that regard, it has agreed to the appointment of an Independent Expert whose task will be to monitor DB’s compliance activities...(more)...