Broker ED&F Tied to $2 Billion Cum-Ex Case Unfolding in Denmark

ED&F Man Holdings Ltd. has been named as a defendant in a string of U.S. lawsuits that tie the U.K. broker to a $2 billion Cum-Ex case being pursued by Denmark.

ED&F clients alleged to have unlawfully received at least $18 million in dividend-tax refunds from Denmark say the broker steered the transactions without their knowledge.

In separate filings, two pension fund holders and their authorized agent, Acer Investment Group, said ED&F should be held responsible for those transactions. ED&F served as their broker-custodian, providing the documents that ostensibly showed they were entitled to the refunds.

The Jan. 29 filings ...