Reported by: Bob Van Voris

A judge said he would approve Deutsche Bank AG’s $26.3 million settlement of a lawsuit that accused the bank of misleading investors about how thoroughly it vetted clients, including Jeffrey Epstein and Russian tycoons.

US District Judge Jed Rakoff on Tuesday said he would allow the settlement to go forward, finding it “fair, adequate and reasonable.” The judge said he would issue an order finalizing his approval in the next day or two as he considers whether to grant a fee request of one-third of the settlement to lawyers for the shareholders.

Rakoff’s approval resolves a class action suit filed in 2020 over the bank’s anti-money-laundering and “know your customer” systems. In the suit, the plaintiffs cited Deutsche Bank’s business relationship with Epstein, Russians including billionaire Roman Abramovich and what they called “other unsavory high-net-worth individuals and their affiliated companies.” They used Epstein’s name more than 100 times and called him “a particularly egregious example.”

Read full report: https://news.yahoo.com/deutsche-bank-settlement-epstein-oversight-161803742.html