According to the Complaint, Deutsche Bank Aktiengesellschaft provides investment, financial, and related products and services to private individuals, corporate entities, and institutional clients worldwide.
The Complaint alleges 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.
Throughout the Class Period, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) 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; (ii) as a result, 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; (iii) the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Bank's financial results and reputation; and (iv) as a result, the Bank's public statements were materially false and misleading at all relevant times.
On September 30, 2020, Plaintiff filed an amended Complaint. On December 28, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a second amended Complaint on March 1, 2021. Defendants filed a Motion to Dismiss the second amended Complaint on April 23.
On March 31, 2022, the Court issued an Order transferring the case to the Southern District of New York. The case transferred in on April 7, under Docket 22-CV-02854. On May 18, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss. Two of the individual Defendants were dismissed. The Motion to Dismiss was denied in all other respects.
Lead Plaintiff filed a third amended Complaint on June 30, 2022. On July 18, Lead Plaintiff filed a Motion for Class Certification.
On September 23, 2022, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on October 20.