EU Tax Scandal Is Sure To Reach London

Law360 (December 11, 2019, 5:21 PM EST) -- A trading scandal brewing on the continent could yet envelop London. It may ultimately prove to be even more damaging than the Libor scandal. It is widely believed that a number of leading U.K. banks and advisers were involved — to one degree or another — in a questionable equity trading practice known as cum-ex trading.

Cum-ex trades were once relatively common. Their unusual name derives from the Latin words for "with" and "without." In simple terms, these trades involve the rapid lending of shares as dividends fall due, so as to enable two parties to simultaneously claim ownership of the...

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