Op risk data: Morgan Stanley falls foul of Dutch tax office
Also: JP Morgan settles crypto fees class action; banks debate Covid-19 scenarios. Data by ORX News
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In May’s largest operational risk loss, Morgan Stanley must pay up to €42 million ($46.8 million) to Dutch tax authorities over alleged cum-ex dividend trades in the 2007/2008 financial year. In such cases, equity transactions are structured so that multiple parties are eligible for a rebate on capital gains tax that only one party has paid.
The Amsterdam Tax and Customs Administration (the Belastingdienst) launched an investigation
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