(Reuters) - U.S. prosecutors filed on Wednesday an expected civil lawsuit against Deutsche Bank (DBKGn.DE) that formalizes the $553 million fine the German bank agreed to pay last December in connection with its illegal tax shelter work for wealthy Americans.
The filing, in Federal District Court in Manhattan, is a procedural piece of the non-prosecution agreement reached last December between prosecutors and Germany's largest bank over its work in selling questionable tax shelters.
The lawsuit, necessary under forfeiture rules, thus does not represent a new legal action against the bank, which admitted to helping 2,100 U.S. clients evade taxes over 1996 to 2002.
The tax shelters, for which Deutsche Bank created bogus losses, helped wealthy Americans evade more than $29 billion in taxes, according to Justice Department records.
Under the settlement, Deutsche Bank admitted to criminal wrongdoing and agreed to pay the fine, which it has already done. It also agreed not to contest what it knew would be a future civil lawsuit filed in connection with the fine.
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