Published by Global Banking & Finance Review®
Posted on September 8, 2025
1 min readLast updated: January 22, 2026
Add as preferred source on GoogleCredit Agricole agrees to a $103 million fine to settle a dividend tax investigation involving 'cum-cum' transactions, pending judge approval.
PARIS (Reuters) -Credit Agricole SA's <CAGR.PA> investment banking division has agreed to pay a fine of 88.2 million euros ($103.4 million) to settle a criminal probe into dividend-arbitrage trades allegedly used to avoid withholding taxes, a French judge said on Monday.
The settlement has still to be approved by the judge Peimane Ghaleh Marzban, who presented the terms of the settlement at a court hearing in Paris.
The fine would allow Credit Agricole Corporate and Investment Bank (CACIB) to put an end to the criminal probe into so-called "cum-cum" transactions. These were aimed at helping foreign shareholders of French companies to avoid the country's taxes on dividends via complex financial instruments.
In France, companies accused of financial misconduct such as corruption or tax fraud can settle with prosecutors to avoid trial.
The agreement typically involves paying a fine and committing to compliance measures, without admitting guilt or receiving a criminal conviction, as long as the deal is approved by a judge.
($1 = 0.8530 euros)
(Reporting by Mathieu Rosemain, Editing by Dominique Vidalon and Tommy Reggiori Wilkes)
Credit Agricole agreed to pay a fine of 88.2 million euros, equivalent to approximately $103.4 million, to settle a criminal probe.
Cum-cum transactions are aimed at helping foreign shareholders avoid dividend taxes, which were the focus of the criminal investigation.
In France, companies accused of financial misconduct can settle with prosecutors to avoid trial, typically involving a fine and compliance commitments without admitting guilt.
The settlement agreement must be approved by a judge, specifically Judge Peimane Ghaleh Marzban, who presented the terms at a court hearing.
The settlement allows Credit Agricole Corporate and Investment Bank to conclude the criminal probe into the dividend tax case.
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