In a significant victory for damaged Deutsche Bank AG investors, the bank has agreed to pay nearly $26.3 million to end a proposed class action against it on behalf of investors who acquired Deutsche Bank stock between March 14, 2017, and May 12, 2020. Pomerantz is sole lead counsel representing the putative class of plaintiffs in the litigation. The recovery represents approximately 49.4% of the likely recoverable damages in this case, which is well above the median recovery of 1.8% of estimated damages for all securities class actions settled in 2021. Plaintiffs have moved the court for approval of the settlement. The complaint, filed in 2020, alleges…
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Pomerantz won an important victory for investors on May 18, 2022, when Judge Jed S. Rakoff of the United States District Court for the Southern District of New York denied in large part defendants’ motion to dismiss all claims for securities fraud in Karimi v. Deutsche Bank AG, a securities class action in which Pomerantz is sole Lead Counsel. The complaint alleges that from November 7, 2018 through July 6, 2020 (the “Class Period”), defendants made materially false and misleading statements about its anti-money-laundering (“AML”) deficiencies and didn’t properly monitor or gave exemptions to customers it considered high risk, such as financier and accused sex offender Jeffrey Epstein.
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On December 28, 2020, U.S District Judge Kevin McNulty of the District of New Jersey appointed Pomerantz LLP as Lead Counsel on behalf of Lead Plaintiff Yun Wang in Karimi v. Deutsche Bank AG, 20-cv-8978 (D.N.J.), a securities litigation being pursued on behalf of a class of defrauded investors concerning allegations regarding Deutsche Bank AG’s failure to adequately report deficiencies in its anti-money laundering controls.
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