Deutsche Bank

Investor lawyers are preparing lawsuits against Deutsche Bank, accusing it of marketing the open-ended real estate fund Grundbesitz Europa as a safe investment. The fund has restricted redemptions and is currently paying out only partial amounts to redeeming investors, affecting many clients. A final court ruling against a Volksbank over the Uni Immo Wohnen ZBI fund is being seen as a possible blueprint for suits against banks that sold similar funds. A consumer association case pending at the European Court of Justice about the risk classification of open-ended real estate funds could spur further proceedings; Deutsche Bank points to suitability checks it carried out. » More on handelsblatt.com

BaFin has imposed a total fine of €8 million on Deutsche Bank for significant disruptions during the Postbank IT migration in 2022/2023. The penalties relate in particular to the slow handling of a high volume of complaints and delayed execution of securities account transfers. The Project Unity migration temporarily caused account blocks, unpaid direct debits and problems accessing accounts. Deutsche Bank says it has investigated the incidents, improved processes and accepted the regulator’s decision. » More on heise.de

BaFin imposed an eight million-euro fine on Deutsche Bank for shortcomings in the IT migration of Postbank customers onto a shared platform. The penalty is split into €5.5 million for slow handling of customer complaints and €2.5 million for securities transfers that were not executed promptly. Deutsche Bank says it has fully remedied the problems and accepts BaFin’s decision. » More on wiwo.de

The Bafin has imposed an eight million euro fine on Deutsche Bank for serious disruptions during the IT migration of Postbank customers. The regulator mainly criticized the slow handling of customer complaints and delayed execution of securities account transfers in connection with the Unity project (Easter 2022 to 2023). The bank accepted the fine and said it has comprehensively resolved the issues and improved its processes. » More on spiegel.de

Deutsche Bank, Commerzbank and the Deutscher Sparkassen- und Giroverband have founded a joint company in Frankfurt that will operate a platform for the lawful exchange of suspicious account details. The aim is to detect fraud cases such as phishing, fake shops and love scams more quickly and to block transfers to abused IBANs. The database is to include information on failed fraud attempts as well as identification data such as phone numbers and addresses; further applications and participants are planned. » More on handelsblatt.com