Deutsche Bank Aktiengesellschaft Class Action Lawsuit
- Company Name
- Deutsche Bank Aktiengesellschaft
- Stock Symbol
- Class Period
- November 7, 2017 to July 6, 2020
- Motion Deadline
- September 13, 2020
- District of New Jersey
The Deutsche Bank Aktiengesellschaft class action lawsuit charges Deutsche Bank and certain of its officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of Deutsche Bank securities between November 7, 2017 and July 6, 2020, inclusive (the “Class Period”). The Deutsche Bank class action lawsuit was commenced on July 15, 2020 in the District of New Jersey and is captioned Karimi v. Deutsche Bank Aktiengesellschaft, No. 20-cv-08978.
Deutsche Bank provides investment, financial, and related products and services to private individuals, corporate entities, and institutional clients worldwide. Deutsche Bank has been the subject of scandal, investigation, and regulatory enforcement for years because of anti-money laundering 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.
The Deutsche Bank class action lawsuit alleges that defendants made materially false and/or misleading statements, as well as failed to disclose that: (i) Deutsche Bank had failed to remediate deficiencies related to anti-money laundering compliance, its disclosure controls and procedures and internal control over financial reporting, and its U.S. operations’ troubled condition; (ii) as a result, Deutsche Bank failed to properly monitor customers that Deutsche Bank itself deemed to be high risk, including, among others, convicted sex offender Jeffrey Epstein and two correspondent banks, Danske Estonia and FBME Bank, which were both subjects of prior scandals involving financial misconduct; (iii) the foregoing, once revealed, was foreseeably likely to have a material negative impact on Deutsche Bank’s financial results and reputation; and (iv) as a result, Deutsche Bank’s public statements were materially false and misleading at all relevant times.
On May 13, 2020, media outlets reported that the Federal Reserve had sharply criticized Deutsche Bank’s U.S. operations in an internal audit. The audit reportedly found that Deutsche Bank had failed to address multiple concerns identified years earlier, including concerns related to Deutsche Bank’s anti-money laundering compliance and other control procedures. On this news, the value of Deutsche Bank’s ordinary shares fell approximately 4.5%.
Then, on July 7, 2020, the Federal Reserve’s criticism of Deutsche Bank’s failure to address its anti-money laundering protocols and other issues was reaffirmed when the New York State Department of Financial Services fined Deutsche Bank $150 million for neglecting to flag numerous questionable transactions from accounts associated with Epstein and two correspondent banks, Danske Estonia and FBME Bank, both of which were subjects of prior scandals involving financial misconduct. On this news, the value of Deutsche Bank’s ordinary shares fell an additional 1.31%.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Deutsche Bank securities during the Class Period to seek appointment as lead plaintiff in the Deutsche Bank class action lawsuit. A lead plaintiff will act on behalf of all other class members in directing the Deutsche Bank class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Deutsche Bank class action lawsuit. An investor’s ability to share in any potential future recovery of the Deutsche Bank class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the Deutsche Bank class action lawsuit or have questions concerning your rights regarding the Deutsche Bank class action lawsuit, please provide your information here or contact counsel, Michael Albert of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Deutsche Bank class action lawsuit must be filed with the court no later than September 14, 2020.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.