U.S. District Court Denies Motion to Dismiss Belgian Government Cum-Ex Dividend Suit against Enablers

On July 5, 2023, United States District Court Judge John G. Koeltl issued an opinion and order, denying defendants’ motion to dismiss the civil action brought by the Belgian Government (Federal Public Service Finance – FPSF) against several purported pension plans and individuals associated with them. The case involves the cum ex-dividend schemes. The opinion adopted much of the reasoning of the opinion of Judge Lewis Kaplan, who denied the motion to dismiss by defendants in a cum-ex dividend case involving the Danish Government.