In a room full of avowed capitalists, policies that sound to some like socialism are bound not to go over well.Delivering Alpharead more
At least in terms of monetary policy, Pence says should be taking after other regions who keep their benchmark interest rates near zero.Delivering Alpharead more
AT&T isn't focused on selling or divesting DirecTV as Elliott Management pushes for divesting the satellite TV asset.Technologyread more
As part of the plan, Amazon has agreed to purchase 100,000 electric delivery vans from vehicle manufacturer Rivian.Technologyread more
The plan will allow Medicare to negotiate lower prices on as many as 250 drugs and apply those discounts to private health plans.Health and Scienceread more
Hedge fund titan Leon Cooperman said he's concerned about a shift to the left in the political landscape, which could harm the economy and the stock market.Delivering Alpharead more
The move could bring a welcome salve to farmers caught in the crosshairs of the trade war if it results in a reopening of the market.Politicsread more
The pilot program will deliver food and beverage, over-the-counter medications and other items within minutes, the company said. Prescription deliveries will not be available.Health and Scienceread more
Check out the companies making headlines in midday trading:Market Insiderread more
The FDA's Office of Criminal Investigations opened a probe "shortly after" people started falling ill, Mitch Zeller, director of the FDA's Center for Tobacco Products, told...Health and Scienceread more
Apple's big iOS 13 update for iPhones is out now and includes lots of new features. Here's how to install it on your phone and what devices are supported.Technologyread more
- paper@ (Updates with name of senior manager under suspicion, no comment)
FRANKFURT, June 6 (Reuters) - German prosecutors have extended an investigation into a tax-stripping scheme, with around 70 current and former executives of Deutsche Bank now being treated as suspects, the Sueddeutsche Zeitung reported on Thursday.
Among those suspected by the Cologne prosecutor's office is Garth Ritchie, the head of Deutsche's investment banking arm, the newspaper wrote in a report that cited unnamed sources. Ritchie, through a Deutsche Bank spokesman, declined comment.
No comment was immediately available outside office hours from the Cologne prosecutor.
In a statement, Deutsche Bank confirmed that further current and former managers were under investigation, but did not say who they were. It also said they were not involved in the tax scheme.
Investigators suspect managers at Deutsche and other banks of exploiting a loophole to allow two parties to claim ownership of the same shares, making it possible to claim fraudulent dividend tax rebates running to billions of euros.
This scam, known as 'cum-ex', is being investigated by several prosecutors' offices, casting one of many shadows over Deutsche Bank as CEO Christian Sewing strives to map a path to sustainable profitability after years of losses at Deutsche.
Deutsche Bank said that the Cologne prosecutor had been investigating two former employees since 2017 in connection with cum-ex transactions on behalf of former clients.
"Recently, the prosecutor has initiated investigations against further former and current employees and management board members," it said in a statement.
It added the change in approach by the Cologne prosecutor was linked to procedural issues related to the statute of limitations, and did not imply that the prosecutor had changed its view on the facts of the case.
"This has also not changed the Bank's assessment of the facts of the case. Deutsche Bank did not participate in an organized cum-ex market, neither as short seller nor as Cum-Ex purchaser," Deutsche said.
The Sueddeutsche said that fraudulent tax claims related to the 2009 business year, running to more than a billion euros, would expire soon unless prosecutors press criminal charges.
Reuters reported in January that investigators had found indications that senior managers had discussed the reputational risks related to the cum-ex scheme, which sparked Germany's biggest post-war fraud probe. (Reporting by Douglas Busvine and Hans Seidenstuecker Editing by Alexandra Hudson)