JPMorgan under suspicion?

In Frankfurt an inspection was being conducted at the offices of the American bank JPMorgan Chase & Co., related to the investigation of a high—profile tax fraud in the history of Germany - the so-called Cum-Ex transactions.

The Cum-Ex scandal, which began more than a decade ago, still worries the financial industry.

Cum-Ex was a trading strategy that siphoned off at least 10 billion euros of government revenue. The transactions, named after the Latin term "With-Without" ("With-Without"), used German tax legislation that allowed investors to claim tax refunds on dividends that were being paid only once.

Currently, there are four lawsuits against bankers and a lawyer in the country.

Link to the source: https://www.bloomberg.com/news/articles/2022-08-31/jpmorgan-frankfurt-offices-raided-as-part-of-cum-...