Deutsche Bank Sued By Rival For €46M Over Tax Bill
Law360 (January 11, 2019, 3:49 PM EST) -- Hamburg-based M.M. Warburg & Co. said it has sued to force Deutsche Bank to pick up a €46 million ($53.04 million) tax bill that should have been paid to German tax authorities for controversial trades that have sparked an industrywide investigation into a massive tax avoidance scheme.
The German financial institution on Thursday said Deutsche Bank failed to withhold the sum for taxes on a series of trades made in 2010 and 2011, prompting tax authorities to come knocking.
At the time, Deutsche Bank worked as Warburg's custodian bank for so-called cum-ex transactions, which profited from Germany's tax code to profit...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!