Victims of sex offender Jeffrey Epstein will receive a settlement of US$75 million from Deutsche Bank to resolve a federal lawsuit.
The lawsuit accused Deutsche Bank of being aware of Epstein’s exploitation of underage girls and facilitating his sex trafficking activities. The German bank managed Epstein’s finances until June 2019 and paid a US$150 million fine to New York regulators in 2020 for failing to comply with regulations.
Similar allegations have also been made against US bank JP Morgan Chase.
Jeffrey Epstein, a prominent financier, died by suicide in a New York City jail cell while awaiting trial for sex trafficking in 2019.
According to The Wall Street Journal, the settlement was reported earlier and stated that the bank did not admit to any wrongdoing, as indicated by sources familiar with the matter.
Dylan Riddle, a spokesman for Deutsche Bank, declined to comment on the settlement but referred to a statement from 2020 in which the bank acknowledged its mistake in having Epstein as a client. He also mentioned that Deutsche Bank has invested over 4 billion euros to enhance its controls, processes, and training and has hired additional staff to combat financial crime.
David Boies, a lawyer representing the accusers, stated, “Epstein’s abuses could not have occurred without the collaboration and support of many powerful individuals and institutions. We appreciate Deutsche Bank’s willingness to take responsibility for its role.”
