Germany’s Scholz Says State Bank’s Cum-Ex Past Properly Handled

German Chancellor Olaf Scholz told a panel of lawmakers investigating the Cum-Ex scandal that he saw no reason to suspect that illicit profits made years ago by Hamburg’s state-owned bank wouldn’t be clawed back or that things weren’t handled properly at the time.

Scholz told a parliamentary hearing in Germany’s second city that HSH Nordbank, the former state bank of Hamburg and Schleswig-Holstein, was rattled by much bigger financial problems in the period when he was mayor of Hamburg — and the main concern at the time was its survival.

In 2013, HSH Nordbank had hired law firm Clifford ...