Ex-Warburg Boss Decries Probe Into Bank That Survived Nazis (1)

Christian Olearius, the former head of M.M. Warburg & Co. on trial for allegedly approving Cum-Ex tax deals costing Germany €280 million ($295 million), told the judges that a “prejudiced” and Kafkaesque probe against him and the historic lender took a heavy toll on him and the firm.

Speaking at his trial for the first time, Olearius denied any guilt and said the investigation over the scandal and the accompanying media coverage caused “tremendous damage” to the bank that had survived the Nazi era. The years of intrusion by Cum-Ex regulators led to a “quasi-expropriation,” said Olearius who holds ...