Bank Leumi Said to Face $300 Million Demand in Tax Case
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New York’s banking regulator will ask for more than $300 million to settle an investigation into whether Bank Leumi Le-Israel BM helped Americans evade taxes, a person familiar with the matter said.
Benjamin Lawsky, head of the state’s Department of Financial Services, is seeking more than what the bank set aside to resolve a separate criminal investigation by the U.S. Justice Department. In June, Leumi said it allotted 950 million shekels ($254 million) for the federal matter, which would make it the first Israeli bank to settle a tax probe with the U.S.