The accused include two British citizens, one German, and one American. Authorities allege the group deliberately developed and executed sophisticated stock trades around dividend payout days to falsely reclaim tax rebates. This practice, known as dividend stripping, allowed participants to blur stock ownership and exploit regulatory loopholes during the height of the 2008 financial crisis.

While prosecutors did not officially name the institution in their announcement, sources familiar with the inquiry confirmed the individuals were employed by Commerzbank at the time of the transactions. The bank, currently the subject of potential acquisition interest from Italy’s UniCredit, stated it is not a party to the proceedings and declined to comment on individual legal matters. Commerzbank has previously acknowledged the investigation in its financial disclosures, noting its cooperation with regulatory authorities.