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Macquarie Accused in Lawsuit of ‘Lusting’ After Cum-Ex Deals (1)

Oct. 15, 2019, 1:16 PMUpdated: Oct. 15, 2019, 3:54 PM

Macquarie Bank Ltd. was accused in a German lawsuit of financing a high-risk fund linked to controversial Cum-Ex tax deals that ended up costing wealthy investors 190 million euros ($209 million).

The Australian investment bank took about 48 million euros “for nothing,” Eckart Seith, a lawyer for the investors, told a Munich court Tuesday. Macquarie financed the deals in 2011 after the lender already knew the German Finance Ministry was trying to clamp down on the practice, he said.

The lawsuit is one of many legal actions, including multiple criminal probes, related to the controversial tax arrangements. Lawmakers estimate that ...