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BERLIN, Nov. 23-- The Frankfurt offices of Freshfields Bruckhaus Deringer LLP were searched for a second time by German investigators in the Cum-Ex scandal, the international law firm confirmed on Friday. Freshfields told press that the raid had already taken place in mid-November. Earlier, German newspaper Handelsblatt had cited unconfirmed information that German authorities had launched investigations to reputed partners at the firm in relation to tax consulting services rendered to the now insolvent Canadian Maple Bank. The "Cum-Ex" scandal is widely considered to be the largest tax fraud scheme in Germany history. As initially revealed by the newspaper Die Zeit, domestic and international banks, as well as some investment funds, used two distinct "Cum-Cum" and "Cum-Ex" loopholes in stock trading regulations over the course of several years to strip the German state of billions of euros. "Cum-Cum" is a still legally-disputed practice whereby financial institutions help foreign investors in securing tax rebates they are not entitled to. In broad terms, banks sell the stocks of a foreign client to a German buyer, for example a domestic brokerage firm, shortly before dividends are paid out. The brokerage can then claim a tax rebate from the German state which a foreign auctioneer would not have received. After dividends are disbursed, the stocks are sold back to the original foreign owner immediately and the tax rebate is split between participants. | 
