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BNY Mellon, Warburg Group, Deutsche Bank to pay $60 million in 'cum-ex' case

Monday, September 19, 2022
BNY Mellon, Warburg Group, Deutsche Bank to pay $60 million in 'cum-ex' case © Reuters. FILE PHOTO: The logo of Germany’s Deutsche Bank is on display ahead of the bank’s annual shareholder meeting in Frankfurt, Germany, May 23, 2019. REUTERS/Kai Pfaffenbach/File Photo
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(Reuters) -Bank of New York Mellon Corp, Germany's Warburg Group and Deutsche Bank (ETR:DBKGn), will pay 60 million euros ($59.85 million) to German tax authorities over the country's "cum-ex" tax scandal, the German lender said on Monday.

"Cum-ex" refers to a scheme under which banks and investors would swiftly trade shares of companies around their dividend payout day, blurring stock ownership and allowing multiple parties to falsely reclaim tax rebates on the dividends.

Deutsche Bank will share in the payment to be made by Bank of New York Mellon (NYSE:BK), a Deutsche spokesperson said in an emailed statement, adding that the breakdown of the payment is subject to a confidentiality agreement between the parties.

The payment covers tax liabilities of a fund called BC German Equity Special Fund, which a Warburg subsidiary managed as an investment company in 2009.

The custodian bank was BHF Asset Servicing, German daily Handelsblatt reported on Sunday, which was later acquired by the U.S. bank, while Deutsche Bank eventually absorbed its previous owner investment firm Sal. Oppenheim.

Deutsche Bank will contribute an amount of less than 10 million euros to the payment, Handelsblatt said.

BNY Mellon said the Handelsblatt report contained inaccuracies and false misrepresentations. Deutsche bank said the final amounts may still be reduced in light of any third-party payments, without giving further details on the payment.

The Warburg Group did not immediately respond to a request for comment.

The scandal has blighted German political and financial circles for several years, with lawmakers claiming it has cost taxpayers billions of euros.

A large number of banks have been searched by prosecutors investigating possible wrongdoing, with German branches of Barclays (LON:BARC), Bank of America (NYSE:BAC) and Morgan Stanley (NYSE:MS) among those raided in recent months.

Government officials say the investigation involves some 100 banks on four continents and at least 1,000 suspects.

($1 = 0.9985 euros)

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    EUR/USD 0.9690 ↑ Buy  
    GBP/USD 1.0858 Neutral  
    USD/JPY 143.34 Buy  
    AUD/USD 0.6526 ↑ Sell  
    USD/CAD 1.3591 Neutral  
    EUR/JPY 138.90 ↑ Buy  
    EUR/CHF 0.9513 ↑ Buy  
    Gold 1,651.70 ↑ Sell  
    Silver 18.835 ↑ Sell  
    Copper 3.3485 ↑ Sell  
    Crude Oil WTI 79.43 Sell  
    Brent Oil 85.03 Sell  
    Natural Gas 6.992 ↑ Buy  
    US Coffee C 220.15 ↑ Sell  
    Euro Stoxx 50 3,348.60 ↑ Sell  
    S&P 500 3,693.23 ↑ Buy  
    DAX 12,284.19 ↑ Sell  
    FTSE 100 7,018.60 Neutral  
    Hang Seng 17,933.27 ↑ Sell  
    Small Cap 2000 1,676.17 Neutral  
    IBEX 35 7,583.50 ↑ Sell  
    BASF 39.790 Neutral  
    Bayer 49.58 ↑ Sell  
    Allianz 168.74 ↑ Sell  
    Adidas 130.96 ↑ Sell  
    Lufthansa 5.674 ↑ Buy  
    Siemens AG 98.63 ↑ Sell  
    Deutsche Bank AG 8.632 ↑ Sell  
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