France's Biggest Banks Raided in €100 Billion Tax Fraud Probe.
French financial prosecutors raided several of France’s biggest banks, including Société Générale and BNP Paribas, as part of a multicountry investigation into what authorities say is one of Europe’s biggest tax thefts. The banks under investigation in France were allegedly involved in a scheme known as “cum-cum trading,” in which individuals pocketed hundreds of millions of euros by avoiding the payment of French dividend taxes. The government is looking to reclaim at least 1 billion euros, the prosecutors’ office said.