Joshua Ray assesses the prospect of criminal or civil legal action in the US regarding Cum-Ex for Law360

With Cum-Ex investigations progressing rapidly in Europe, Rahman Ravelli’s Joshua Ray wrote for Law360 about the likelihood of similar developments in the United States.

In his piece, Josh examines the scale of the Cum-Ex allegations in Europe and summarises the significant events so far. He also gives a detailed explanation of what Cum-Ex trades are and how they operated.

Josh outlines why he believes it is likely that enforcement lawyers at the US Securities and Exchange Commission (SEC) or US Department of Justice will eventually initiate their own Cum-Ex lawsuits and/or criminal prosecutions. He does so by explaining the similarities between Cum-Ex cases and some of those that have been managed by the SEC.

Josh also refers to one particular case that strengthens the jurisdictional grounds for prosecuting foreign Cum-Ex participants in the US. He emphasises that there are few major international financial scandals that have not resulted in enforcement activity in the U.S.

Josh's article featured on Law360. (Subscription required)