Denmark's Tax Authority Loses Major Lawsuit Against Sanjay Shah

Denmark's tax authority suffered a significant legal setback on Thursday as it largely lost its $1.94 billion lawsuit against hedge fund founder Sanjay Shah and an array of companies associated with a controversial 'cum-ex' dividend trading scheme.

Filed in London's High Court by Skatteforvaltningen (SKAT) in 2018, the case alleged that Shah and his Solo Capital hedge fund were primarily responsible for improper tax refund claims totaling 1.44 billion pounds.

However, Judge Andrew Baker ruled that SKAT was not misled or defrauded through the tax refund claims made by Shah and his associates, thus dismissing the majority of the accusations.