German Court Rejects Challenge To $185M Cum-Ex Seizure

By Matt Thompson (May 2, 2022, 3:35 PM EDT) -- Germany's constitutional court rejected a challenge by private bank M.M. Warburg to a €176 million ($185 million) asset seizure connected to so-called cum-ex transactions, according to a statement from the court.

The German Federal Constitutional Court ruled Friday that the public interest and the need to ensure trust in the justice system overrode the claim that the state was out of time to confiscate the proceeds of a trading fraud that relied on tax loopholes.

In a cum-ex transaction, shares of a company are sold or swapped just before a dividend payout, followed by claims for refunds or rebates of capital...

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