NEW YORK, Aug 31 — JPMorgan Chase & Co’s Frankfurt offices are being raided by German authorities as part of their vast probe into “cum-ex” transactions, Bloomberg News reported today.
“We can confirm that our Frankfurt offices were visited this week. We continue to cooperate with the German authorities on their ongoing investigation,” a JPMorgan spokesperson told Reuters in an emailed statement.
A spokesman for Cologne prosecutors confirmed to Bloomberg a raid was taking place in Frankfurt but declined to identify the target.
The cum-ex scandal is Germany’s biggest post-war fraud involving a share-trading scheme that the authorities say cost taxpayers billions of euros. A large number of banks were involved in the cum-ex deals, with raids being conducted on the German branches of Barclays and the investment bank Merrill Lynch in the last few months. — Reuters
