Monday, August 3, 2020

Deutsche Bank sued for Epstein business

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The US law firm Pomerantz has sued Deutsche Bank on behalf of investors. The money house had made false and misleading statements before accepting a $ 150 million fine from the New York financial regulator DFS last week, it said. The agency had imposed this because of serious bank failures in the Jeffrey Epstein case.

The investors were harmed by the bank’s business with Epstein, the lawsuit said. She was filed before a Newark, New Jersey, court on Wednesday. The amount of the compensation claimed remained open. Deutsche Bank declined to comment on the lawsuit.

The 66-year-old Epstein had committed suicide last year after being arrested for renewed allegations of child abuse. In 2008, the hedge fund manager pleaded guilty to forcing a minor to prostitution, and he received an 18-month prison sentence.

“Despite knowing Epstein’s terrible criminal past, Bank inexcusably failed to detect or prevent millions of suspicious transactions,” said DFS chief Linda Lacewell. Epstein was a customer of Deutsche Bank from August 2013 to December 2018.

“It was a serious mistake that we accepted him as a customer in 2013 – it should never have happened,” wrote CEO Christian Sewing to the employees last week. Everyone would have to do something to prevent this from happening again. “So please take a close look, always check critically, ask questions and express your concerns.”

In addition to the group, the lawsuit of the investors is also directed against Sewing, CFO James von Moltke and the former CEO John Cryan.

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