Plaintiffs accused the bank of overly lax supervision of ultra-rich customers.
(Photo: Reuters)
new York Deutsche Bank agrees in legal dispute with investors to pay a settlement of around 26 million dollars. The plaintiffs, who accused the institute of lax oversight of ultra-rich clients, filed the preliminary settlement with a New York court on Friday. The competent judge must allow the agreement there. In their lawsuit, investors who traded Deutsche Bank shares between 2018 and 2020 accused the group of insufficient money laundering controls.
As a result of client relationships with the late sex offender Jeffrey Epstein and Russian oligarchs, the company’s share price fell and hurt investors, the lawsuit said. In addition to the group, the investors’ lawsuit was also directed against bank boss Christian Sewing and former CEO John Cryan.