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Alain Schibl, a founder of defunct London asset manager Duet Group, agreed to pay €2.2 million ($2.4 million) to settle criminal charges against him over the firm’s Cum-Ex tax deals, just days after his colleagues were hit with German jail terms.

Last week his former partner Henry Gabay was sentenced to four years and 10 months for aggravated tax evasion in the same case while Osman Semerci to three years and six months. The €2.2 million is equal to the profit made in the transaction, a spokeswoman for the Bonn court said in a statement.

The trio was originally charged over tax trades that cost Germany about $100 million. The prosecution is part of the wider scandal that’s captivated the world of finance. It has focused on how the ploy gamed the tax system to pass vast sums from Germany’s treasury into the hands of scores of investors and banks. By the time Germany stopped the trades in 2012, the practice may have cost the country as much as €10 billion.

The court agreed to drop the case because it emerged that Schibl’s role was “significantly less in scope and intensity” than that of Gabay and Semerci. His trial was scheduled to start Feb. 19.

Schibl agreed to the procedure “solely on the basis of pragmatic considerations” and that he legally still has to be considered innocent, Oliver Wallasch, his attorney, said.

From Star Performer to Star Witness: A Cum-Ex Trader Cooperates

Ex-Asset Manager Alain Schibl Dodges Jail Threat Ahead of Tax Scandal Trial

Alain Schibl, a founder of the defunct London asset manager Duet Group, agreed to pay €2.2 million ($2.4 million) to settle criminal charges related to the firm’s Cum-Ex tax deals. Schibl’s former partners, Henry Gabay and Osman Semerci, were sentenced to prison terms for their roles in the same case. The trio was initially charged over tax trades that cost Germany approximately $100 million. The practice may have cost the country as much as €10 billion by the time it was stopped in 2012.