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Bankers made $33M in bonuses from cum-ex trades, German prosecutors say

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Bankers made $33M in bonuses from cum-ex trades, German prosecutors say

German prosecutors said six former bankers accused in cum-ex trade fraud made nearly $33 million in bonuses from the alleged fraud, Reuters reported.

The prosecutors had previously filed charges against six former bankers of the now defunct Maple Bank GmbH and former head of law at U.K.-based law firm Freshfields Bruckhaus Deringer LLP, according to reports.

However, the prosecutors did not reveal the identity of the accused or name the bank or the law firm.

German police had previously arrested the Freshfields employee and two former Maple Bank employees. While the bankers remain in custody, the lawyer was released on a bail after producing a €4 million bond, according to the newswire.

The cum-ex fraud scheme saw bankers and lawyers across Europe claim billions in public funds on behalf of their clients by exploiting a loophole in German tax law allowing them to claim rebates on taxes on share dividends more than once.