Germany’s Warburg Loses Constitutional Case Over Cum-Ex Seizure

M.M. Warburg & Co. lost a bid at Germany’s constitutional court to challenge a landmark judgment backing the seizure of 176 million euros ($186 million) from the bank for its involvement in Cum-Ex trades.

Warburg was originally told to give up the money in a 2020 verdict from a Bonn tribunal following Germany’s first Cum-Ex trial that centered on transactions linked to the lender. That decision was upheld by Germany’s top criminal court in a ruling last July whose judges called the controversial trading strategy criminal and a “blatant money grab.”

The Hamburg-based bank argued the criminal courts relied on ...