The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Deutsche Bank securities between November 7, 2017 and July 6, 2020 (the “Class Period”). The case, Karimi v. Deutsche Bank Aktiengesellschaft et al., No. 20-cv-08978 was filed on July 15, 2020, and has been assigned to Judge Esther Salas.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Deutsche Bank had failed to remediate deficiencies related to AML, its disclosure controls and procedures and internal control over financial reporting, and its U.S. operations’ troubled condition; (2) 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 (“Epstein”) and two correspondent banks, Danske Estonia and FBME Bank, which were both the subjects of prior scandals involving financial misconduct; (3) the foregoing, once revealed, was foreseeably likely to have a material negative impact on the Bank’s financial results and reputation; and (4) as a result, the Bank’s public statements were materially false and misleading at all relevant times.
