Banks May Lose €400 Million In German Cum-Ex Trial

Law360, London (February 6, 2020, 12:29 PM GMT) -- International banks could have to forfeit up to €400 million ($440 million) if there is a guilty verdict against two bankers charged in a major German tax evasion trial, a court spokesman confirmed to Law360 on Thursday.

BNY Mellon is among the lenders that could be ordered to pay up to €400 million ($440 million) if two bankers are found guilty of tax evasion in Germany. (AP) The spokesman, Tobias Guelich, said it is yet to be determined whether the five banks will have to pay anything, and if so how much. Any penalties will depend on the verdict in the...

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