Cohen & Gresser LLP (JD Supra Germany)
Update on the Enforcement and Litigation Issues Arising out of Cum-Ex Trades
The shock waves from the German authorities’ tax evasion investigation into cum-ex transactions, a complex form of dividend arbitrage, continue to be felt throughout Europe. A large number of UK and European financial institutions, their advisers and employees have been drawn into the allegations. While criminal and regulatory enforcement action is presently focused on Germany, there is a risk...
A Berlin court ruled that eight clauses in Apple Sales International's (“Apple”) standard data use policy, which covers how the company can share data, do not comply with Germany’s privacy protection laws and enjoined Apple, which is based in Ireland, from relying on these clauses in contracts with customers based in Germany. The court also prohibited Apple’s future use of such clauses.