X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Freshfields Bruckhaus Deringer’s Frankfurt office has been raided by German prosecutors in connection with a tax evasion investigation.

This premium content is locked for
Law.com subscribers only.

*May exclude premium content
Already have an account?
Interested in customizing your subscription with Law.com All Access?
Contact our Sales Professionals at 1-855-808-4530 or send an email to groupsales@alm.com to learn more.

James Booth

James joined Legal Week in June 2015. He reports on leading UK law firms, as well as covering the African legal market. He previously worked for legal directory Chambers & Partners as a deputy editor.

More from this author

Law Firms Mentioned

<img class="alignnone size-full wp-image-56515" src="http://www.almcms.com/contrib

  • Freshfields Bruckhaus Deringer
  • Jones Day

/uploads/sites/378/2016/09/Germany-Article-201609050630.jpg" alt="" width="616" height="372" /> Freshfields Bruckhaus Deringer���s Frankfurt office has been raided by German prosecutors in connection with a tax evasion investigation. According to <a href="http://www.reuters.com/article/freshfields-raid/freshfields-raided-in-frankfurt-in-german-tax-evasion-inquiry-idUSL8N1MY2UN?rpc=401&amp;">Reuters</a>, the raid was connected to an investigation into so-called "cum-ex" transactions, which are at the centre of one of the largest tax scandals in Germany. The asset-stripping deals have allegedly been used by a number of banks in Germany to claim billions of euros in rebates from the German authorities, before a loophole was closed in 2012. The loophole effectively allowed two parties to claim ownership of the same shares, enabling both parties to receive the rebates. German newspaper <em><a href="http://www.sueddeutsche.de/wirtschaft/steuerskandal-erzengel-mit-hoellischem-gegner-1.3719190">Sueddeutsche Zeitung</a></em>, which broke news of the Freshfields raid, claimed that the raid related to an opinion that the magic circle firm prepared for Canadas Maple Bank. The German arm of the bank, which was raided by German authorities in connection with the tax evasion investigation in 2015, was <a href="http://www.maplebank.com/de/ueber-uns.html">closed by German authorities</a> in 2016 amid worries that unpaid taxes were threatening its financial position. A Freshfields spokesperson said: ���Freshfields is confident that the prosecutor���s review will reveal that our advice has been legally sound.��� Earlier this year, US firm Jones Day <a href="http://www.legalweek.com/sites/legalweek/2017/07/28/german-court-blocks-vw-prosecutors-from-using-seized-jones-day-docs/">was raided by German authorities</a> investigating the firm���s client, carmaker Volkswagen. Jones Day had carried out an internal investigation into the emissions-rigging scandal at Volkswagen. A German court later ruled that documents seized in the raid <a href="http://www.legalweek.com/sites/legalweek/2017/07/28/german-court-blocks-vw-prosecutors-from-using-seized-jones-day-docs/">could not be used</a> by investigations looking into the scandal. Freshfields has also played a role acting for Volkswagen on the scandal, advising on Volkswagen���s $4.3bn settlement with the US government. <

  • Freshfields Bruckhaus Deringer
  • Jones Day

>
 

Structured Settlements and Periodic Payment JudgmentsBook

An excellent treatise which I recommend to all tort trial lawyers. Philip Corboy of Corboy Demetrio, P.C., ChicagoA must have for every structured settlement profe...

Get More Information
 

America's Claims Executive (ACE) 2020Event

ACE Leadership Forum & Expo is the annual conference for Senior Claims Executives in Insurance organizations.

Get More Information
 

Banking Litigation & Regulation Forum 2020Event

Delivers the key insights and practical solutions to acutely address the complex minefield of UK banking litigation & regulation.

Get More Information
 

Banking Litigation & Regulation Forum 2020Event

Delivers the key insights and practical solutions to acutely address the complex minefield of UK banking litigation & regulation.

Get More Information
 

Commercial Litigation & Arbitration Forum 2020Event

For senior dispute resolution professionals to network and engage through open debate, panels, expert speakers & breakout sessions

Get More Information
 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.