HSBC Likely to Pay $300M to Settle "Cum-Cum" Tax Lawsuit in France [Yahoo! Finance]
Jefferies Financial Group Inc. (JEF)
Last jefferies financial group inc. earnings: 10/25 04:42 pm
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Source: Yahoo! Finance
This was reported by Reuters in an article, citing Bloomberg, which cited people familiar with the matter. Authorities in France estimate that Cum-Cum transactions may have deprived the government of roughly €4.5 billion in tax revenues. Regulators are now working to recover those losses. The strategy allegedly allowed foreign investors to avoid withholding taxes by temporarily transferring their French shares to a tax-exempt entity, typically a local bank, during the dividend period. French prosecutors at the Parquet National Financier ("PNF") are expected to present a proposed settlement before a Paris judge in the coming weeks. The agreement would close the criminal probe into HSBC's alleged dividend-arbitrage trades. As part of the negotiations, HSBC is also said to have discussed a parallel arrangement with French tax authorities to resolve related civil claims. The combined amount aligns with the $300 million provision the bank recorded earlier this year, tied to the inves
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JEF
Earnings
- 9/29/25 - Beat
JEF
Sec Filings
- 12/15/25 - Form 424B2
- 12/12/25 - Form 4
- 12/12/25 - Form 4
- JEF's page on the SEC website