French authorities suspected the bank of helping top Wendel executives set up a profit-sharing entity that let them avoid taxes on 315 million euros of investment gains in 2007 and 2008.

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A trial still looms for the 14 executives, which include Wendel’s former chairman Jean-Bernard Lafonta and Ernest-Antoine Seilliere, a former head of the main employers’ lobby group, Medef.

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At a hearing in Paris, JPMorgan’s lawyers said they would not contest the settlement, putting an end to the inquiry against it.

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The bank “gained no fiscal benefit” from setting up the investment vehicle and providing financing for the executives, Stephane Noel, president of the Paris judicial court, said at the hearing.

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An appeals court had dropped the case against JPMorgan in 2018, but tax authorities and some of the defendants renewed their push to have the bank charged as well, a request that was denied last month.

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“The bank had only a very limited role” in the scheme, JPMorgan’s lawyer Thierry Marembert said at the hearing.

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The investigation against JP Morgan was launched in 2012 after tax authorities discovered a financial instrument called Solfur, which yielded a net 315 million euros for its shareholders — including three Wendel board members and 11 top managers at the firm — for an initial investment of just 996,250 euros.

The gain was “completely tax-free”, according to a 2015 document by France’s financial fraud squad. (AFP)

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