Analysis

Latest Cum-Ex Probes Just The Tip Of The Iceberg

Law360, London (June 25, 2020, 8:13 PM BST) -- Banks and their lawyers are bracing for a wave of prosecutions, penalties and lawsuits as investigations into a controversial dividend trading strategy known as cum-ex gather pace across Europe— and could soon spill over into regulatory enforcement in the U.K.

Dozens of financial institutions in Europe have been caught up in the widening scandal over the use of a loophole on dividend payouts to make bogus tax refund claims that has allegedly cost national European treasuries €55 billion ($61.7 billion) in revenues.

Investigations are now poised to balloon into other European countries after the region's top banking watchdog recently ordered national...

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