Deutsche Bank has reached a settlement with the tax office and other banks over tax‑refund disputes concerning several Cum‑Ex funds. According to the bank’s latest annual report, the parties have agreed on who will assume each portion of the tax liability, as reported by “Handelsblatt” in its mid‑week edition.
For two particular funds, the dispute involved €85 million in total, of which €29 million falls to Deutsche Bank. The bank participated in a “pool solution” to restore legal certainty, a spokesman said. This solution applies mainly to two special funds founded in 2009. Because settlements were also reached on other funds, the overall tax damage exceeds €200 million.
In the Cum‑Ex trades, shares were exchanged within closed circles, allowing parties to receive unpaid capital‑gain tax refunds. The transactions offered no economic rationale; the alleged profits come solely from the tax coffers.
