BNY Mellon, Warburg Group and Deutsche Bank to pay in ‘cum-ex’: newspaper

BNY Mellon, Warburg Group and Deutsche Bank to pay in ‘cum-ex’: newspaper

(Reuters) – Bank of New York Mellon, Germany’s Warburg Group German Bank German daily Handelsblatt reported that ETR will pay 60 million euros ($60.09 million) to German tax authorities over the “Vice-President” tax scandal.

The amount covers the tax obligations of a fund called BC German Equity Special Fund, which was managed by a Warburg subsidiary as an investment company in 2009. The custodian bank was BHF Asset Servicing, which was later swallowed up by the US bank, the report said.

Deutsche Bank will contribute less than 10 million euros. A Deutsche Bank spokesman told Handelsblatt it was making a payment but declined to give details. BHF earlier belonged to Sal. Oppenheim was then taken over by a German lender.

BNY Mellon (NYSE:) said the Handelsblatt report contained inaccuracies and misrepresentations, while Deutsche Bank did not immediately respond to a Reuters request for comment.

Lawmakers claim that the “cum-ex” stock-trading scandal, which has ravaged German political and financial circles for several years, has cost taxpayers billions of euros.

A large number of banks have been inspected by prosecutors to investigate possible wrongdoing, with raids launched on German branches. Barclays (LON :), Bank of America (NYSE:), Morgan Stanley (NYSE 🙂 in recent months.

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

(1 dollar = 0.9985 euros)

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