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Law Firms Mentioned

<img class="alignnone wp-image-2499 size-full" src="http://www.almcms.com/contrib

  • Freshfields Bruckhaus Deringer
  • Jones Day

/uploads/sites/405/2017/10/Germany.jpg" width="528" height="372" /> Freshfields Bruckhaus Deringer���s Frankfurt office has been raided by German prosecutors in connection with a tax evasion investigation. <a href="http://www.reuters.com/article/freshfields-raid/freshfields-raided-in-frankfurt-in-german-tax-evasion-inquiry-idUSL8N1MY2UN?rpc=401&amp;" target="_blank">Reuters reported</a> that��the raid was connected to an investigation into so-called "cum-ex" transactions, which are at the��center��of one of the largest tax scandals in Germany. The asset-stripping deals have allegedly been <a href="http://www.reuters.com/article/germany-dividends-idUSL8N1991BN" target="_blank">used by a number of banks in Germany</a> to claim billions of euros in rebates from��authorities in the country before a loophole was closed in 2012. The loophole effectively allowed two parties to <a href="http://www.zeit.de/wirtschaft/2017-06/cum-ex-scandal-tax-evasion-dividend-stripping-germany" target="_blank">claim ownership of the same shares</a>, enabling both parties to receive the rebates. German newspaper Sueddeutsche Zeitung, <a href="http://www.sueddeutsche.de/wirtschaft/steuerskandal-erzengel-mit-hoellischem-gegner-1.3719190" target="_blank">which broke the news of the raid on Freshfields</a>, claimed that��it��related to an opinion that the��Magic Circle firm had prepared for Canadas Maple Financial Group Inc. The German arm of the bank, <a href="http://business.financialpost.com/news/fp-street/osfi-seizes-control-of-assets-of-the-canadian-branch-of-maple-bank" target="_blank">which was raided by German authorities</a> in connection with the tax evasion investigation in 2015, was <a href="http://www.maplebank.com/de/ueber-uns.html" target="_blank">closed by German authorities</a>��last year amid worries that unpaid taxes were threatening its financial position. ���Freshfields is confident that the prosecutor���s review will reveal that our advice has been legally sound,��� the London-based legal giant said in a statement. Earlier this year, Jones Day���s Frankfurt office was <a href="http://www.law.com/americanlawyer/almID/1202781440396/" target="_blank">raided by German authorities</a> investigating its client, auto giant Volkswagen AG. Jones Day had carried out an internal investigation into��an emissions-rigging scandal at Volkswagen. A German court later ruled that <a href="http://www.law.com/americanlawyer/almID/1202794100972/" target="_blank">documents seized in the raid could not be used</a> by investigators looking into the scandal. <a href="http://news.freshfields.com/zh/China/r/1909/freshfields_advises_volkswagen_on_settlement_with_us" target="_blank">Freshfields also��had a role representing��Volkswagen</a>, having advised on the <a href="http://www.law.com/corpcounsel/almID/1202776527629/" target="_blank">company���s $4.3 billion settlement</a> with the U.S. Department of Justice. <

  • Freshfields Bruckhaus Deringer
  • Jones Day

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