Rahman Ravelli's Legal Director Neil Williams recently discussed authorities looking closely at past legal advice given in relation to Cum-Ex with Security Lending Times.
Neil pointed to the landmark case heard in Bonn, Germany, earlier this year where two former HypoVereinsbank (HVB) — now part of UniCredit — traders were found criminally liable of tax-related fraud and handed suspended sentences, to emphasise this point.
During this case, the defendants highlighted legal opinions gained at the time which stated that short-term trading over dividend dates was legally sound, but this was not accepted by the judge.
Neil's comments can be read here.