{"id":1655476,"date":"2022-09-23T16:50:07","date_gmt":"2022-09-23T20:50:07","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1655476"},"modified":"2022-09-23T16:50:43","modified_gmt":"2022-09-23T20:50:43","slug":"deutsche-bank-in-26-3-million-shareholder-settlement-over-epstein-russian-oligarch-ties","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/deutsche-bank-in-26-3-million-shareholder-settlement-over-epstein-russian-oligarch-ties\/","title":{"rendered":"Deutsche Bank in $26.3 million shareholder settlement over Epstein, Russian oligarch ties"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdeutsche-bank-in-26-3-million-shareholder-settlement-over-epstein-russian-oligarch-ties%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1655476&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Jonathan Stempel<\/p>\n<p>NEW YORK (Reuters) \u2013     Deutsche Bank AG agreed to pay $26.25 million to settle a U.S. shareholder lawsuit accusing the German bank of lax oversight while doing business with risky, ultra-rich clients like Jeffrey Epstein and Russian oligarchs.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>The preliminary all-cash settlement filed on Friday in federal court in Manhattan requires approval by U.S. District Judge Jed Rakoff, who in June allowed the proposed class action to proceed.<\/p>\n<p>Shareholders led by Yun Wang, who traded Deutsche Bank stock in 2018 and 2020, claimed that the bank had known its know-your-customer and anti-money laundering controls were ineffective, and that its share price fell as problems emerged.<\/p>\n<p>Deutsche Bank denied wrongdoing in agreeing to settle. Chief Executive Christian Sewing and his predecessor John Cryan are also defendants, and also denied wrongdoing.<\/p>\n<p>A bank spokesman declined to comment. Sewing has since taking over in 2018 tried to show investors that Deutsche Bank has addressed its internal controls shortfalls.<\/p>\n<p>The lawsuit faulted Deutsche Bank\u2019s work with Epstein, the late financier and sex offender, and with Danske Bank\u2019s Estonia branch, which become embroiled in a money laundering scandal.<\/p>\n<p>New York\u2019s Department of Financial Services fined Deutsche Bank $150 million in July 2020 over its relationships with Epstein and Danske Estonia.<\/p>\n<p>Shareholders also objected to Deutsche Bank\u2019s taking on oligarchs like billionaire Roman Abramovich as clients, in what they called the bank\u2019s \u201crelentless pursuit of profits.\u201d<\/p>\n<p>Friday\u2019s settlement covers Deutsche Bank investors in the United States from March 14, 2017 to Sept. 18, 2020.<\/p>\n<p>Lawyers for the plaintiffs said the $26.25 million payout is 49.4% of the \u201clikely recoverable\u201d damages available, compared with a median 1.8% in settled securities class actions in 2021.<\/p>\n<p>The lawyers may seek up to one-third of the settlement fund for legal fees.<\/p>\n<p>The case is Karimi v Deutsche Bank AG et al, U.S. District Court, Southern District of New York, No. 22-02854.<\/p>\n<p> (Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/deutsche-bank-in-26-3\/attachment\/file-photo-the-logo-of-deutsche-bank-is-pictured-on\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8M0Y0-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8M0Y0-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Jonathan Stempel NEW YORK (Reuters) \u2013 Deutsche Bank AG agreed to pay $26.25 million to settle a U.S. shareholder lawsuit accusing the German bank of lax oversight while doing<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1655476","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1655476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1655476"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1655476\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1655476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1655476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1655476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}