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JPMorgan Agrees To Pay $30 Mln Fine To Settle French Tax-Fraud Case : Reports

JPMorgan Chase & Co (JPM) agreed to pay 25 million euros or $29.6 million fine to settle a longstanding French criminal investigation over allegations it helped clients commit tax fraud, several media reports quoted French financial prosecutors' office as saying.

The reports indicated that Paris court approved the settlement.

The case relates to allegations of tax fraud seen to benefit former managers at investment firm Wendel.

The bank's involvement revolves mainly over financing provided by its Paris branch to the managers in 2007 to restructure their holdings in Wendel.

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