Pension Plans Say Custodian Must Pay $13.7M Danish Tax Bill

Law360 (November 6, 2019, 7:53 PM EST) -- A British brokerage firm that sent false tax statements to two U.S. pension plans should be liable to pay the resulting $13.7 million tax bill owed to Denmark, the plans have told a New York federal court.

ED&F Man Capital Markets Ltd. managed the financial transactions that resulted in withholding-tax refunds paid to the plans by the Danish tax authority, known as SKAT, which now contends the refunds were fraudulently obtained, the plans said Tuesday. The plans, Del Mar Asset Management Savings and Retirement Plan and Federated Logistics LLC 401K Plan, made their claims in a third-party complaint submitted as part...

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