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JPMorgan settles tax-fraud case linked to Wendel for €25mn
taxation

JPMorgan settles tax-fraud case linked to Wendel for €25mn

02.09.2021
The bank’s involvement revolves mainly over financing provided by its Paris branch, but the company has a Luxembourg branch too
JPMorgan Chase & Co. World headquarters in New York City
JPMorgan Chase & Co. World headquarters in New York City
Photo credit: AFP

JPMorgan Chase & Co. settled a longstanding French criminal investigation over allegations it helped clients commit tax fraud for €25 million.

The case relates to allegations of tax fraud seen to benefit former managers at investment firm Wendel, top financial prosecutor Jean-François Bohnert said at a Thursday court hearing in Paris. The bank’s involvement revolves mainly over financing provided by its Paris branch to the managers in 2007 to restructure their holdings in Wendel.

Paris judge Stéphane Nöel approved the settlement after a short presentation of the main facts of the case and of the deal.

The settlement comes just a few months after Chief Executive Officer Jamie Dimon said Paris had become JPMorgan’s main trading center in the European Union during the inauguration of the bank’s new headquarters in the city which was attended by French President Emmanuel Macron. The bank aims to have 800 staff in its Paris office by the end of 2022.

©2021 Bloomberg L.P.


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