Bank Leumi may face $300 million fine in investigation over aiding in tax evasion

New York’s Department of Financial Services, may be seeking $300 million from Bank Leumi of Israel to rectify a criminal probe by the U.S. on allegations that the bank assisted Americans in tax evasion.

In May, Credit Suisse Group AG (CSGN)’s main bank subsidiary, his office secured $715 million of the $2.6 billion penalty as part of a guilty plea.

According to a filing with the Tel-Aviv Stock Exchange, Israel’s second largest lender by assets, Bank Leumi, said today it’s in discussions with Œ the New York agency trying to come to an agreement. The bank said that it’s too early to determine if a resolution will be reached and a final settlement may be “significantly higher” than the provisions that have already been allocated to cover those costs.

Jeffrey Newman represents whistleblowers