Denmark Loses Suit Over Billions Lost to Cum-Ex Tax Trades (1)

Danish tax authorities lost a London suit against dozens of hedge funds and traders who used complex tax trades to swindle it out of around 12 billion kroner ($1.9 billion).

The decision is a blow to the Danish tax agency’s, known as Skat, efforts to recoup money it said it lost from firms including Solo Capital Partners — a hedge fund that specialized in the controversial tax trades. Its founder Sanjay Shah is currently serving a 12 year prison sentence in Denmark. Other civil suits in different jurisdictions have found in Skat’s favor.

“Skat failed to establish any of the ...