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M.M. Warburg Close to Cum-Ex Settlement With Tax Authorities: SZ

Jan. 30, 2020, 6:07 PM

Hamburg-based private bank M.M. Warburg & Co. is close to reach an out-of-court settlement with the tax authorities in relation with cum-ex transactions, Sueddeutsche Zeitung reports, without saying where it got the information.

  • The bank will repay EU75m to the tax authorities in relation to cum-ex transactions
  • Bank will have to pay another amount; details are not clear
  • Warburg wasn’t available to comment on request from Bloomberg News
  • NOTE: July 2019, Ex-London Bankers to Face Cum-Ex Trial Starting in September
  • NOTE: Prosecutors have outlined the roles of several financial institutions in the complex transactions including Warburg & Co.

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