A Road Map For US Involvement In Europe's Cum-Ex Probe

Law360 (February 9, 2021, 5:26 PM EST) -- Intense regulatory scrutiny of the controversial dividend arbitrage trading strategy known as cum-ex continues to roil Europe's financial centers.

Allegedly responsible for at least $60 billion in lost tax revenue for treasuries in Germany, France, Denmark and elsewhere, since 2017 cum-ex investigations have been launched against nearly 800 individuals — traders, bankers and lawyers — along with their employers.

Hundreds of millions of dollars in fines have been levied against financial institutions that engaged in the strategy, and several criminal trials against top executives are currently pending.

And following Denmark's indictment of two British nationals who were allegedly part of a...

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