Law360, Los Angeles (May 11, 2016, 10:19 PM EDT) -- Deutsche Bank misled investors by not disclosing problems with internal controls that failed to catch an alleged $6 billion Russian money-laundering scheme carried out through so-called mirror trades, according to a proposed class action suit filed in New York federal court Tuesday.The allegations stem from an alleged scheme in which Russian clients purchased stocks in rubles through Deutsche Bank while parties in London used the bank to buy the same securities in U.S. dollars, allegedly allowing Russian clients to move large amounts of money out of the country without alerting authorities.Investor James Ranson claims public statements the bank made... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Deutsche Bank has been hit with a lawsuit in New York accusing it of misleading investors by not revealing issues with internal controls that failed to catch an alleged $6bn Russian money laundering scheme carried out via so-called 'mirror trades'.