German prosecutors focus on JPM, BNY, Citi over ADR taxes - Handelsblatt

|About: The Bank of New York Mellon... (BK)|By:, SA News Editor

Cologne prosecutors are looking at U.S. banks JPMorgan Chase (JPM +1.8%), BNY Mellon (BK +0.5%), and Citigroup (C +2%) as well as Germany's largest bank, Deutsche Bank, (DB +0.5%) over suspected tax rebate misconduct related to American Depositary Receipts, German daily Handelsblatt reports.

The suspected misconduct involves seeking rebates for capital gains taxes that were never collected.

Source: Bloomberg First Word.

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