The Frankfurt Maple Bank had to file for bankruptcy in the wake of the Cum-Ex scandal. The institute’s insolvency administrator wants the auditors to pay compensation for allegedly wrong advice. Now an out-of-court settlement has been reached.
Dhe auditing company EY and the insolvency administrator of Maple Bank, which perished in so-called cum-ex deals, have reached an out-of-court settlement. The Stuttgart Regional Court announced this on Monday on request and canceled an appointment set for Wednesday. The district court did not provide any information on the details of the settlement. The “Handelsblatt” had previously reported on it. According to the report, EY is paying € 12 million to the liquidator.
A spokesman for the auditing company did not comment on the content of the agreement. “The matter was settled through a settlement without recognition of a legal obligation and without any prejudice.” The insolvency administrator had sued EY for 195 million euros in damages. The auditing company was an auditor and had rejected the allegations.
In “cum-ex” transactions, investors can have their capital gains tax paid once on stock dividends reimbursed several times with the help of banks. For this purpose, shares with (“cum”) and without (“ex”) dividend entitlements were shifted back and forth between several participants around the dividend cut-off date. Tax authorities then reimbursed capital gains taxes that had not been paid. The state suffered billions in damage.
EY was recently also in the public eye because the company was working as an auditor for the scandal-ridden financial service provider Wirecard.