BofA’s Montag Emerges in $440 Million German Cum-Ex Trial
- Accused trader Shields lays out dividend tax practice in trial
- Merrill Lynch named in trial as prime broker for investors
Photographer: Jonathan Fickies/Bloomberg
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The role of Bank of America Corp. in the Cum-Ex dividend-tax affair came back into focus at a trial of two former traders when one of the men named Chief Operating Officer Thomas Montag and a pair of colleagues in his testimony.
Montag was among the U.S. bank’s contacts for Ballance Group, the asset manager linked to Cum-Ex trades at the center of a trial in Bonn, along with Rajeev Patel and Monuhar Ullah, according to one of the two men accused in the case. Testifying on Wednesday, ex-Ballance co-owner Martin Shields said he never had direct contact with any of them, but that he “believes” others at his firm did.