German prosecutors have charged two British citizens with participating in tax evasion allegedly involving 440 million euros ($495 million).
A regional court in Bonn said Monday that the two, who were not named, were charged with taking part in 34 instances of potential tax evasion while working at a "large financial institution" and then for an asset-management group between 2006 and 2011.
The case relates to so-called "cum-ex" trades in which shares were traded around the date that entitled holders to the annual dividend, resulting in refunds for capital gains taxes that were not paid.
Additionally, prosecutors in Frankfurt carried out searches related to a cum-ex investigation at a fund company, a law firm and a private home related to transactions from 2009. The case is among 10 pending investigations.