Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
DB.US
id: 469, Created by Stan Vick Chase, Scout
DB AML & Compliance Scandal Settlements
Settled
14 March 2017
Class period Start18 September 2020
Class period End07 February 2023
Claim deadlineDeutsche 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;
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Lead plaintiff
Yun Wang, Ali Karimi
Attorney
Pomerantz LLP
Court
Southern District of New York
Judge
Hon. Jed S. Rakoff
Administrator
A.B. Data Ltd
Court hearing date
31 January 2023
+$26,250,000
Total Settlement Amount