Source: New York regulator seeks $300m. from Bank Leumi in tax probe

By REUTERS
October 29, 2014 05:42

New York state's financial regulator is seeking more than $300 million from Bank Leumi as part of a probe of whether the Israeli bank assisted US citizens in evading taxes, according to a person familiar with the matter.

Bank Leumi, Israel's second-largest bank, has been negotiating with US authorities for months to settle an investigation of possible tax evasion by the bank's American clients.

The penalty from New York state's Department of Financial Services, which regulates certain banks in the state, is separate from demands by federal authorities.


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