DB.US
id: 469
Deutsche Bank (DB) Compliance Scandal $26.25M Settlement
S.D. New York
Court1:22-cv-02854
Case number03/14/2017
Class period Start09/18/2020
Class period End02/07/2023
Claim deadlineDeutsche 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
01/31/2023
Trades matching type
FIFO
+$26,250,000
Cash Settlement Amount