Denmark Targets Investors Tied to Sanjay Shah at US Cum-Ex Trial

Weeks after Danish judges sentenced hedge fund trader Sanjay Shah to 12 years in prison, the country’s lawyers turned to a US court in a bid to recoup about $500 million lost in the Cum-Ex tax dividend scandal.

Lawyers for the Nordic country told a New York jury that a group of US investors helped Shah steal from the Danish treasury by filing 1,200 fraudulent requests for tax rebates on dividends.

“This case is about greed and theft,” Marc A. Weinstein, a lawyer for the Danish tax authority, said during opening statements at a civil trial that started this week ...