German prosecutors raid Morgan Stanley’s German branch

As per a spokesperson for Morgan Stanley’s German branch, German prosecutors in Frankfurt searched its office in relation to a “past activity” on Tuesday.

Earlier on Tuesday German prosecutors said, they were searching a bank in Frankfurt as well as the private homes of two suspects in relation to the “cum-ex” tax fraud scandal; they did not name the bank.

Morgan Stanley’s spokesperson said, the bank was continuing to cooperate with German authorities.

Prosecutors said the search was being conducted in particular to collect relevant emails and written correspondence.

The “cum-ex” tax fraud scandal is Germany’s biggest post-war fraud involving a share-trading scheme that authorities say cost taxpayers billions of euros. In the past few weeks alone there have been raids on German branches of Barclays and the investment bank Merrill Lynch.

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