Deutsche Bank’s Swiss Unit to Pay $31 Million in Tax Case

Deutsche Bank AG’s Swiss unit agreed to pay $31 million to receive a non-prosecution agreement in a U.S. probe of banks in Switzerland that helped Americans evade taxes.

The accord announced Tuesday by the Justice Department is the third-largest of 57 reached this year with Swiss banks. The banks, which must disclose how they helped U.S. taxpayers cheat the Internal Revenue Service, have paid a total of $570.4 million.

From August 2008 through August 2013, “Deutsche Bank Suisse enabled some U.S. taxpayers to evade their U.S. tax and filing obligations, resulting in the filing of false income tax returns with the IRS and allowing U.S. taxpayers to hide offshore assets,” according to a statement of facts to which the bank admitted.