The German Federal court has rejected an appeal against a fine for tax fraud imposed on two former London share traders and the Warburg Bank by a Bonn district court in March 2020.
In the first ruling at this level on Wednesday, the court simultaneously rejected a counter-appeal by prosecutors in confirming the original ruling by the Bonn court.
The Bonn court ordered one of the traders to pay back 14 million euros (16.5 million dollars) and imposed a fine of around 176 million euros on Warburg; it also imposed suspended jail terms.
The Cum-Ex scandal saw that dealers used a legal loophole to shift shares back and forth at high speed between parties around the time dividends were paid out, in order to receive tax repayments for taxes they had not paid.
Cum-Ex trading was also alleged to have cost the German state billions of euros and state treasuries across Europe more than 55 billion euros.
Germany was said to have closed the loophole in 2012.
