TP ICAP Hit by Multimillion-Euro Ruling Over Role in Cum-Ex (3)

TP ICAP Group Plc was hit by a German court ruling ordering it to pick up a potentially multimillion-euro tax bill because the broker allowed its managers to commit crimes with Cum-Ex trading.

A Hamburg court issued the judgment in a case brought by M.M. Warburg & Co, which sued TP ICAP and others over losses of €291 million ($329 million) — the amount the German lender had to repay to authorities in the affair.

While TP ICAP won dismissal of a part of the suit, it lost a portion where the judges ruled that it needs to reimburse Warburg ...