Yesterday evening, the board of directors of Bank Leumi (TASE: LUMI) approved a $92 million settlement of the derivative action arising from the bank's entanglement in tax evasion in the US. The action was brought against the bank and its senior officers. The tax evasion affair began nearly five years ago. Bank Leumi was investigated on the suspicion that it assisted its US customers in evading US taxes in the period 2002-2010, during which period the bank was headed by Galia Maor. In late 2014, the bank admitted to having helped US customers evade taxes, and paid fines to the US authorities and legal costs totaling some NIS 1.7 billion. RELATED ARTICLES Bank Leumi profit up sharply Leumi got off easy on US tax probe Leumi report: Execs should return millions in bonuses Leumi execs warned over US money laundering - report BoI issues tough report on Leumi US tax evasion affair The derivative action was filed in 2013, and concerned the role of the bank's senior officers, among them Maor and former chairman Eitan Raf, in the tax evasion affair. Published by Globes [online], Israel business news - www.globes-online.com - on February 29, 2016 © Copyright of Globes Publisher Itonut (1983) Ltd. 2016