Pomerantz LLP won an important victory for investors.
On May 18, 2022, 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 a securities class action.
The complaint alleges that from November 7, 2018 through July 6, 2020, defendants made materially false and misleading statements about its anti-money-laundering deficiencies and didn’t properly monitor or gave exemptions to customers it considered high risk, such as financier and accused sex offender Jeffrey Epstein.
Defendants repeatedly exempted high-net-worth individuals and PEPs (including unsavory figures like Jeffrey Epstein and individuals sponsoring terrorism) from any meaningful due diligence, enabling their criminal activities through the use of the Bank’s facilities. That practice commenced with Deutsche Bank’s former CEOs onboarding, retaining and servicing Russian oligarchs and PEPs reportedly engaged in criminal activities.
Judge Rakoff has set a trial date for six months after his May 18, 2022 order.
The Pomerantz team was led by Partner Emma Gilmore (Picture) and Jeremy A. Lieberman.
Law Firms: Pomerantz LLP ;