id: 469, Created by Stan Vick, Scout
DB AML & Compliance Scandal Settlement
How it works?
- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
Claim deadline for this case already passed by, but we can still try and file for compensation for you
S.D. New YorkCourt
14 Mar 2017Class period Start
18 Sept 2020Class period End
07 Feb 2023Claim deadline
Deutsche Bank (DB) agreed to pay $26.25 million to settle a class action lawsuit to avoid further litigation.
The Complaint alleged that Deutsche Bank has been the subject of scandal, investigation and regulatory enforcement for years because of anti-money laundering ("AML") compliance failures and deficiencies in its disclosure controls and procedures and internal control over financial reporting, causing it to have one of the lowest gradings offered by the U.S. Federal Reserve.
Particulary, the Complaint alleged false and/or misleading statements and/or failure to disclose that:
- Deutsche Bank had failed to remediate deficiencies related to AML, its disclosure controls, procedures, and internal control over financial reporting, and its U.S. operations' troubled condition;
- the Bank failed to properly monitor customers that the Bank itself deemed to be high risk, including, among others, the convicted sex offender Jeffrey Epstein and two correspondent banks, Danske Estonia and FBME Bank, which were both the subjects of prior scandals involving financial misconduct;
- the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Bank's financial results and reputation;
Yun Wang, Ali Karimi
Hon. Jed S. Rakoff
A.B. Data Ltd
Court hearing date
31 January 2023
+$26,250,000Total Settlement Amount