Specificity Matters: Judge Tosses Deutsche Securities Suit Over Deficient Complaint
Southern District Judge Analisa Torres threw out a class action suit against Deutsche Bank, saying the complaint contained allegations "without any indication of what, specifically, plaintiffs allege to be false or misleading."
June 30, 2017 at 05:26 PM
8 minute read
Southern District Judge Analisa Torres threw out a class action suit against Deutsche Bank, saying the complaint contained allegations “without any indication of what, specifically, plaintiffs allege to be false or misleading.”
The suit, In re Deutsche Bank Aktiengesellshaft Securities Litigation, 16-cv-03495, alleged securities violations over the drop on stock value after the discovery Deutsche allowed a $10 billion fraud that included the laundering of money out of Russia between 2011 and 2015 using a “mirror trade” scheme.
Torres said the suit devoted 23 pages to previously reported misdeeds by the bank, and 60 pages describing statements by the bank plaintiffs say were misleading, using stock language and cut-and-pasted allegations.
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