Deutsche Bank Defeats Warburg in $70 Million Cum-Ex Appeals Case

M.M. Warburg & Co. lost a lawsuit over whether Deutsche Bank AG should pay a 63 million-euro ($70 million) tax bill related to the Cum-Ex scandal.

The Frankfurt Appeals Court on Wednesday dismissed the suit, a spokeswoman for the tribunal said by phone. The court will disclose details of the ruling later today, she said. Warburg argued that Deutsche Bank was responsible for transferring the money to the tax authorities about a decade ago in its role as a custodian for the short seller in the disputed transactions.

Both banks are embroiled in the German Cum-Ex investigations as Cologne prosecutors ...