Cologne Prosecutors Widen Tax Probe, Deutsche Bank Reveals

Law360, Brussels (June 7, 2019, 6:31 AM EDT) -- Prosecutors in the German city of Cologne have expanded an investigation into a controversial tax arrangement, a spokesman for Deutsche Bank told Law360 on Friday, after it was reported that dozens of current and former employees at the lender were being investigated.

Sueddeutsche Zeitung reported on Thursday that Cologne prosecutors are broadening their investigation into so-called cum-ex trades at the lender. Approximately 70 current and former Deutsche employees were being investigated, the German newspaper said.

Deutsche Bank issued a statement saying that two former employees have been under investigation by Cologne prosecutors since 2017 in connection with the cum-ex transactions of former clients...

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