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BlackRock's Munich offices raided as part of German tax-fraud probe: WSJ

|About: BlackRock, Inc. (BLK)|By: , SA News Editor

BlackRock (BLK +0.5%), the world's largest asset manager, had its Munich offices searched by German prosecutors as part of a larger criminal tax-fraud probe that's already involved several other financial firms, the Wall Street Journal reports.

The investigation focuses on historical cum/ex transactions, trades executed during the few days before and after scheduled dividend-payment dates.

German officials claim that tax credits have been artificially claimed through these types of trades using methods that could constitute fraud.

BlackRock said it's cooperating with the investigation regarding cum/ex transactions during the 2007-2011 period.

Spain's Banco Santander (SAN -0.3%) has said it's also being investigated and is cooperating with authorities.

Previously: Goldman removes Blackrock from Conviction List, lowers EPS estimates, still bullish (Oct. 19)

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