"We hope that all parties can find some measure of closure by this settlement," the city's attorney, Michael A. Cardozo, said in a statement.
"We are very pleased that the rule of law was upheld," New York Corporation Counsel Michael A. Cardozo said. "Most countries are good neighbors to New York City. They pay what they owe, like all other New Yorkers who carry their share of the tax burden. However, this ruling sends a message to those trying to avert their obligations that New York City will be vigilant."