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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...

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