BofA’s Merrill Lynch German Offices Raided in Cum-Ex Probe (1)

Bank of America Corp.’s Merrill Lynch Frankfurt offices were raided on Tuesday as part of the long-running Cum-Ex tax probe.

Cologne prosecutors declined to identify the two units it raided while a spokesman for Bank of America confirmed the searches. The investigation relates to “historic activity dating back to 2006 and the bank is working with the authorities to assist them,” the investment bank said.

The raided financial companies aren’t targets of the probe, the prosecutor said but three former employees are suspects in the case. Investigators are looking for evidence of Cum-Ex and related trades. About 80 police ...