German prosecutors charged four former Commerzbank employees with serious tax evasion. The charges stem from cum-ex dividend-stripping activities in 2008.
The alleged trading defrauded the state of Hesse of €20 million. The individuals charged include two British citizens, one German, and one American.
UniCredit is currently pursuing a takeover of the German lender. Commerzbank is cooperating with authorities and is not a party to the proceedings. The bank previously acknowledged the investigations in its financial reports.