The second method, "Cum-Ex", is more complex and was officially outlawed in 2017. Following this approach, a tax bill is settled by the owner of stocks once, before being claimed as a refund twice, or even multiple times. The profit thus achieved is then split again between the parties to the transaction.

The scheme is currently estimated to have caused total Europe-wide damage of 55 billion euros (62.47 billion U.S. dollars) and 31.8 billion euros in Germany alone to fiscal authorities.

Scores of lawyers, lobbyists and bankers were found to have assisted their clients with two lucrative "Cum-Ex" and "Cum-Cum" methods.

Commenting on the latest investigatory search of its Frankfurt premises, the Freshfields spokesperson said that its advice "always complied with the prevailing laws". The spokesperson added that the firm was "still confident that our advice was legally sound".

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