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Israel's Mizrahi Tefahot Bank settles US tax case for $195M

Mar 14, 2019 - SNL Financial

Israel's Mizrahi Tefahot Bank Ltd. agreed to settle a tax evasion case with the U.S. Department of Justice for $195 million.

The bank admitted that it conspired with U.S. taxpayers to help them avoid taxes from 2002 until 2012. The Justice Department said the $195 million penalty comprises $53 million in restitution, $24 million in disgorgement and a $118 million fine.

Under the deferred prosecution agreement, the bank and its units will be required to disclose certain information re...