Cum-Ex Raid on ED&F Man Capital Markets Ruled Lawful by UK Court

The raid into the London offices of ED&F Man Capital Markets Ltd., carried out on behalf of Danish and German authorities as part of their sprawling Cum-Ex trading probe in 2022, was lawful, UK judges ruled.

“There were very grave suspicions about the past conduct of ED&F,” Judge Philippa Whipple said in the decision Wednesday. “It is naive to suggest that production orders might have been effective and sufficient in the circumstances.”

The subsidiary of the global commodities broker ED&F Man Holdings, which was fined £17.2 million ($21.4 million) by the UK’s Financial Conduct Authority in 2023 over ...