London Banker Faces $16 Million Bill in German Cum-Ex Case (1)

Feb. 11, 2020, 5:21 PM

Former London investment banker Martin Shields may have to pay back 14.7 million euros ($16 million) -- the money he made while working on controversial Cum-Ex deals -- a German court said.

The amount reflects the share Shields received from the profits asset management company Ballance Group made while handling deals from 2008 until 2011, Presiding Judge Roland Zickler said at a hearing in Bonn Tuesday. The finding was preliminary and could still change before the verdict.

Shields and another former London banker, Nicholas Diable, are accused at the trial of helping organize deals that led to more than 400 ...

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