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Green v. Deutsche Bank Aktiengesellschaft

Deficiencies Identified in News Article Do Not Show Financial Report Controls Ineffective

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OPINION AND ORDER   Plaintiff Dale Green brings this putative securities class action lawsuit in relation to alleged misstatements in Defendant Deutsche Bank Aktiengesellschaft’s (“Deutsche Bank”) SEC filings. Now before the Court is Deutsche Bank’s motion to dismiss, Dkt. No. 40. For the reasons articulated below, the motion is GRANTED. I. BACKGROUND The following facts are drawn from the Amended Class Action Complaint and assumed to be true for purposes of this motion to dismiss. Deutsche Bank, like many financial institutions, measures the quality of its internal controls under a framework established by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Amended Class Action Complaint (“AC”)

19, 25, Dkt. No. 39. Under the COSO Framework, internal controls principally focus on three aspects of a financial institution: 1. the effectiveness and efficiency of operations; 2. the reliability of financial reporting; and 3. its compliance with applicable laws and regulations. Id. 20. On May 31, 2018, the Wall Street Journal reported that the Federal Reserve had designated Deutsche Bank’s U.S. business to be in “troubled condition.” Id. 36. This was the latest in a string of regulatory difficulties for Deutsche Bank. Id.

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