KPMG Offices Raided as Part of German Cum-Ex Investigation (1)

KPMG’s Frankfurt offices are being raided as part of Germany’s sprawling investigation into the Cum-Ex tax scandal.

The auditor confirmed the searches, adding that it is cooperating fully with authorities. The raids are part of a probe against lawyers and tax advisers who previously worked for the consulting firm, Cologne prosecutors said without disclosing any names.

Prosecutors earlier this year started a fresh flurry of raids in Frankfurt, first targeting mainly international investment banks, including Morgan Stanley, JPMorgan Chase & Co. and Barclays Plc. While audit firms were also hit in those earlier searches because they ...