Bank Leumi may face $300 million fine in investigation over aiding in tax evasion


New York’s Department of Financial Services,  may be seeking $300 million from Bank Leumi of Israel  to rectify a criminal probe by the U.S. on allegations that the bank assisted Americans in tax evasion.

In May, Credit Suisse Group AG (CSGN)’s main bank subsidiary, his office secured $715 million of the $2.6 billion penalty as part of a guilty plea.

According to a filing with the Tel-Aviv Stock Exchange, Israel’s second largest lender by assets, Bank Leumi, said today it’s in discussions with  the New York agency  trying to come to an agreement. The bank said that it’s too early to determine if a resolution will be reached and a final settlement may be “significantly higher” than the provisions that have already been allocated to cover those costs.

Jeffrey Newman represents whistleblowers