German prosecutors searched
offices in Frankfurt on Tuesday in connection with a yearslong tax-fraud probe that has embroiled several financial companies across Europe.
In addition to the bank, authorities searched the homes of two suspects in the case, the Cologne prosecutors’ office said. It aimed to collect email and written correspondence, it added.
“The investigation relates to historic activity and we are continuing to cooperate with the German authorities,” a spokeswoman for Morgan Stanley said.
The probe centers on historical cum/ex transactions, which are trades executed during the handful of days before and after companies’ scheduled dividend-payment dates.
Cum/ex transactions typically…
