German Lender Warburg Seeks to Settle Cum-Ex Tax Investigation

Dec. 11, 2019, 1:18 PM

Privatbank M.M.Warburg, a two-century old German private lender, told a court that it is seeking to settle a probe over its role in the country’s burgeoning Cum-Ex scandal a week after judges hinted that financial institutions are likely to have to pay for lost tax revenue.

Warburg has been holding talks with tax-collection agencies over the issue for some time, Christian Jehke, a lawyer for the bank, told the Bonn court Wednesday. The lender is offering to return profits earned through its participation in the controversial tax-avoidance strategy.

“The people acting for Warburg at no time intended to do ...

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