NEW YORK, Sept 24 — Deutsche Bank AG DBKGn.DE agreed to pay US$26.25 million to settle a US shareholder lawsuit accusing the German bank of lax oversight while doing business with risky, ultra-rich clients like Jeffrey Epstein and Russian oligarchs.
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. 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.
New York’s Department of Financial Services fined Deutsche Bank US$150 million in July 2020 over its relationships with Epstein and Danske Estonia.
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