(Adds Morgan Stanley, context)
BERLIN, May 3 (Reuters) – The German branch of Morgan Stanley was raided by Frankfurt prosecutors on Tuesday in relation to “past activities”, a spokesman for the U.S. bank said.
German prosecutors said earlier today they were raiding a bank in Frankfurt as well as the private homes of two suspects in connection with the ‘cum-ex’ tax evasion scandal, without specifying which bank it was.
A Morgan Stanley spokesman said the bank continued to cooperate with German authorities.
Prosecutors said the purpose of the search was to collect emails and written correspondence relating to the investigation.
The scandal is Germany’s biggest post-war fraud, involving a stock trading scheme that authorities say cost taxpayers billions of euros.
A slew of banks have been implicated in cum-ex operations: In the past few weeks alone, raids have been carried out at German branches of Barclays and investment bank Merrill Lynch. (Report Elke Ahlswede and Miranda Murray, French version Augustin Turpin, edited by Jean-Michel Bélot)
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