Arab Times

Execs to pay billions in settlement

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Executives at a New York hedge fund have agreed to pay as much as $7 billion to settle a long-running dispute with the U.S. tax authoritie­s, according to reports Thursday.

The Wall Street Journal and The New York Times reported that insiders at Renaissanc­e Technologi­es agreed to the deal that could be one of the largest in U.S. history.

Among those in the settlement are Renaissanc­e founder and prominent Democratic Party donor James Simon, and Robert Mercer, who was a major donor to former President Donald Trump’s campaign, according to the reports.

Renaissanc­e had been locked in a yearslong dispute with the Internal Revenue Service after a Senate investigat­ion determined that the firm used complex financial instrument­s to avoid paying nearly $7 billion in taxes.

The deal covers transactio­ns between 2005 and 2015 and moves by the hedge fund to convert short-term trading gains into long-term profits, according to the reports.

Messages were left with Renaissanc­e and the IRS seeking comment. (AP)

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