2023-07-11 18:13:19
BGH
Cum-Ex deals are said to have cost the Treasury more than ten billion euros.
(Photo: dpa)
Karlsruhe Deutsche Bank also successfully fended off the last attempt by MM Warburg to burden the Frankfurt bank with a cum-ex tax liability of 63 million euros.
The Federal Court of Justice in Karlsruhe rejected an appeal by Warburg, with which the Hamburger Bank wanted to win the right to appeal the matter (AZ: XI ZR 65/22). Germany’s top civil judges had already decided this a week ago, the press office of the BGH announced. However, the decision has not yet been made public.
Warburg had complained to the Frankfurt district court that Deutsche Bank would take over part of the bill that Warburg was charged with for transactions that were involved in the first Bonn cum-ex criminal case. The Frankfurt Higher Regional Court confirmed last year that the first instance had rightly dismissed Warburg’s lawsuit.
Warburg had argued that Deutsche Bank, as the custodian bank, was obliged to pay the disputed capital gains tax to the Treasury. Because she was the custodian of the short seller in the controversial transactions from 2007 to 2011.
Cum-ex transactions took advantage of the dividend taxation procedure at the time, so that several investors had the tax paid only once reimbursed. In 2012, Germany put a stop to the practice. Cum-Ex deals are said to have cost the Treasury more than ten billion euros.
The BGH did not justify the decision, so Warburg could not comment on it, a spokeswoman for Hamburger Bank said by email.
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