Freshfields to Pay $12 Million to Settle German Cum-Ex Probe (1)

Freshfields Bruckhaus Deringer agreed to pay 10 million euros ($12.1 million) to settle a German case related to the Cum-Ex tax scandal and the law firm’s work for now-defunct Maple Bank.

The firm said in a statement that it didn’t admit any guilt as part of the settlement. The deal means it won’t have to participate in the trial of two of its former partners who have been charged in the case.

Cum-Ex trades, named for the Latin term for “With-Without,” took advantage of German tax laws and allowed multiple investors to claim refunds on a dividend levy that was ...