JPMorgan Settles French Tax-Fraud Case for $30 Million
- Allegations of tax fraud linked to investment firm Wendel
- Probe dates back to 2007 financing involving Paris branch
JPMorgan Chase & Co. European Union headquarters in Paris.
Photographer: Benjamin Girette/BloombergThis article is for subscribers only.
JPMorgan Chase & Co. settled a longstanding French criminal investigation over allegations it helped clients commit tax fraud for 25 million euros ($29.6 million).
The case relates to allegations of tax fraud seen to benefit former managers at investment firm Wendel, top financial prosecutor Jean-François Bohnert said at a Thursday court hearing in Paris. The bank’s involvement revolves mainly over financing provided by its Paris branch to the managers in 2007 to restructure their holdings in Wendel.