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DB.US
id: 469

Deutsche Bank (DB) Compliance Scandal $26.25M Settlement

S.D. New York
Court
1:22-cv-02854
Case number
14 Mar 2017
Class period Start
18 Sept 2020
Class period End
07 Feb 2023
Claim deadline
Deutsche Bank (DB) paid $26.25 million to settle a class action lawsuit to avoid further litigation over compliance scandal.

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;
Case Status
Disbursed
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.09
Plaintiffs
Yun Wang, Ali Karimi
Attorneys
Pomerantz LLP
Judge
Hon. Jed S. Rakoff
Administrator
A.B. Data Ltd
Court hearing date
31 January 2023
Trades matching type
FIFO
+$26,250,000
Cash Settlement Amount

Deutsche Bank AG NA O.N.

Deutsche Bank Aktiengesellschaft, a stock corporation, provides corporate and investment banking, and asset management products and services to private individuals, corporate entities, and institut...

    Ticker
    DB.US
    ISIN
    DE0005140008
    CIK
    1159508
    Sector
    Financial Services
    Industry
    Banks - Regional
    Country
    USA
    Address
    Taunusanlage 12, Frankfurt am Main, Germany, 60325