{
  "id": 2102071,
  "title": "Geschäfte zulasten des Fiskus: Ex-Commerzbanker wegen Cum-Ex-Aktiendeals angeklagt",
  "url": "https://urgent.news/2026/08/20/geschafte-zulasten-des-fiskus-ex-commerzbanker-wegen-cum-ex",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-20T08:37:09.000Z",
  "source": {
    "name": "Handelsblatt",
    "slug": "handelsblatt",
    "url": "https://www.handelsblatt.com/politik/deutschland/geschaefte-zulasten-des-fiskus-ex-commerzbanker-wegen-cum-ex-aktiendeals-angeklagt/100248548.html"
  },
  "original_language": "de",
  "account": "Frankfurt's judiciary is intensifying the criminal investigation into Cum-Ex stock transactions at the expense of the state treasury. The Public Prosecutor's Office in Frankfurt has brought charges against four former Commerzbank employees for suspected severe tax evasion. The four men - two British aged 66 and 59, a German (61) and an American (60) - are accused of causing tax damage exceeding 20 million euros, according to the prosecutor's findings. Cum-Ex deals, which peaked between 2006 and 2011, involved the manipulation of stocks around the dividend payment date, allowing parties to claim taxes on dividends that were not actually paid. Estimates suggest the state treasury suffered a multi-billion euro loss. Legislation addressing Cum-Ex transactions was enacted in 2012, and confirmed by Germany's Federal Constitutional Court in 2021. In this specific case, the four bankers allegedly developed, approved, and executed the Cum-Ex transactions with \"deliberate and intentional cooperation\". Two of the accused were allegedly active in Frankfurt during the period, while the other two were in London. The investigation into the Cum-Ex scandal has been ongoing for years across various prosecutor's offices. The Public Prosecutor's Office in Frankfurt has filed seven indictments as part of the ongoing investigation, with twelve defendants already convicted by courts in Frankfurt and Wiesbaden. The prosecutor's office is still investigating ten \"extensive procedural complexes\" against a total of 39 suspects.",
  "summary": "Seit Jahren beschäftigt sich die Justiz mit teuren Aktiendeals zulasten der Staatskasse. Nun will die Staatsanwaltschaft die nächsten Ex-Banker wegen schwerer Steuerhinterziehung vor Gericht bringen.",
  "key_points": [
    "Four former Commerzbank employees charged with massive tax evasion",
    "Cum-Ex deals manipulated stocks around dividend dates, causing tax damage >20M euros",
    "Legislation against Cum-Ex enacted in 2012, confirmed by Constitutional Court in 2021"
  ],
  "editors_take": "The charges against the four former Commerzbank employees mark a significant escalation of the Cum-Ex investigation, highlighting the ongoing effort to hold individuals accountable for the multi-billion euro loss suffered by the state treasury.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}