Denmark's tax authority has lost a London lawsuit against Sanjay Shah's hedge fund and others for defrauding the Nordic state, in a blow to its efforts to recoup vast tax losses from "cum-ex" schemes.

The lawsuit was worth 1.44 billion pounds ($A2.94 billion).

Skatteforvaltningen (SKAT) sued Shah and his now-defunct Solo Capital investment fund at London's High Court in 2018, alleging that Shah and Solo Capital were responsible for the bulk of its claims of cum-ex-related dividend tax fraud.

After a trial that began last year, Judge Andrew Baker ruled that none of the 4000-plus tax refund claims examined in court were valid under Danish tax law and that SKAT would have been entitled not to pay any of them.

However, Baker said SKAT had not been misled by Shah and others between 2012 and

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