The banks are accused of using shell companies as a way of avoiding paying taxes. First Union National Bank, now part of Wells Fargo, is another bank named in the action. The US attorney bringing the case, Preet Bharara, said: 'Through fraudulent conveyances involving shell companies, Deutsche Bank tried to make its potential tax liabilities disappear.' Deutsche says that it has already tried to settle this issue with the Internal Revenue Service. Source: Financial Times
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