NEW
On September 20, BuzzFeed News and the International Consortium of Investigative Journalists (ICIJ) published the FinCEN Files, a comprehensive investigation of global financial institutions involving "more than 400 reporters in 88 countries". The FinCEN Files investigation purportedly "reveal[s] how some of the world's biggest banks have facilitated the work of notorious terrorists, drug cartels, and despots" and centers around more than 2,100 suspicious activity reports ("SARs") submitted to the US Treasury Department's Financial Crimes Enforcement Network ("FinCEN"). Banks and other financial institutions submit SARs when they observe transactions that suggest money laundering or other illegal activity, and while these reports can support investigations and intelligence gathering, they are not by themselves evidence of a crime. The FinCen Files included SARs filed by nearly 90 financial institutions, including those below:
The Bank of New York Mellon Corporation (NYSE:BK)
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https://www.zlk.com/pslra-1/the-bank-of-new-york-mellon-corporation-information-request-form
One of the Buzzfeed articles published as a result of the FinCEN Files investigation puts Bank of New York Mellon second on a list of the most common filers of SARs, with 325 SARs flagging a total of $64 billion. Another article included Bank of New York Mellon on a list of financial institutions that continued to move money for suspected criminals even after they were prosecuted or fined for financial misconduct.
Following these articles, shares of Bank of New York Mellon fell by more than 5%.
Deutsche Bank Aktiengesellschaf (NYSE:DB)
To receive more information about this investigation, click here:
https://www.zlk.com/pslra-1/deutsche-bank-aktiengesellschaft-information-request-form
One of the Buzzfeed articles published as a result of the FinCEN Files investigation states, among myriad other claims, that "Deutsche managers, including top executives, had direct knowledge for years of serious failings that left the bank vulnerable to money launderers. Documents show two warnings sent to committees that included Paul Achleitner, Deutsche's chair, and one sent to the bank's supervisory board."
Deutsche Bank's share price plummeted nearly 10% in intraday trading on September 21, 2020.
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SOURCE: Levi & Korsinsky, LLP