Deutsche Bank Says Ponzi Case Settled for $43.5 Million (1)

Deutsche Bank AG settled claims that the bank disregarded warning signs of a Ponzi scheme for $43.5 million while the case was on appeal, it said Thursday in its annual report.

Representatives of 13 Cayman Islands companies undergoing liquidation sued the bank. Four went to trial, obtained a $95 million jury verdict in April 2023 in the US District Court for the Southern District of Florida, and have now, the bank says, agreed to the settlement.

The US Bankruptcy Court for the Southern District of Florida approved the deal Feb. 28, according to the report. No notice of settlement ...