Cum-ex transactions are complicated equity trading transactions which led to multiple claims for refund of a single payment of dividend withholding tax in Germany, Denmark and other European jurisdictions. The amounts refunded are reported to run to many billions of euros. A German court has recently found two former London-based bankers guilty of criminal conduct related to these transactions and required significant amounts to be repaid. The FCA has also confirmed that it is investigating conduct related to these transactions. Although the relevant transactions took place some years ago, the first wave of investigations is only now concluding, and it looks very likely that further investigation and litigation will follow.
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Cum-ex transactions are complicated equity trading transactions which led to multiple claims for refund of a single payment of dividend withholding tax in Germany, Denmark and other European jurisdictions. The amounts refunded are reported to run to many billions of euros. A German court has recently found two former London-based bankers guilty of criminal conduct related to these transactions and required significant amounts to be repaid. The FCA has also confirmed that it is investigating conduct related to these transactions. Although the relevant transactions took place some years ago, the first wave of investigations is only now concluding, and it looks very likely that further investigation and litigation will follow.
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