Deutsche Bank to Pay Millions in Settlement to Epstein Victims
Deutsche Bank has agreed to pay $75 million (€69 million) to settle a proposed class-action lawsuit that alleged the German bank had benefited by supporting Jeffrey Epstein’s sex trafficking scheme, lawyers confirmed late on Wednesday.
The lawsuit was filed by women in November 2022 who said they were abused by Epstein. They claimed that the bank was aware of his sex trafficking activity and yet continued to do business with him, which facilitated the abuse.
wall street newspaper reported the settlement which still needs court approval. Citing sources familiar with the matter, the newspaper reported that the German creditor did not admit irregularities in the agreement.
David Boies, one of the victims’ lawyers, said in a statement that Epstein’s abuse “could not have happened without the collaboration and support of many powerful individuals and institutions. We appreciate Deutsche Bank’s willingness to take responsibility for its role.”
Deutsche Bank spokesman Dylan Riddle declined to comment on the deal but referenced a 2020 statement in which the bank admitted the mistake of making Epstein a client.
“We recognize our mistake in onboarding Epstein in 2013 and the weaknesses in our processes, and we have learned from our mistakes and shortcomings,” Deutsche Bank said in July 2020.
The impact on JP Morgan Chase
Epstein, an American financier, remained a client of Deutsche Bank from 2013 to 2018 and died by suicide in prison in August 2019 while awaiting his trial.
Before Deutsche Bank, he was a client of JP Morgan Chase from 1998 to 2013, during which time he allegedly trafficked many more underage girls.
The Deutsche Bank deal could have an impact on JP Morgan Chase, which faces similar but larger lawsuits against it.
The American company has lawsuits filed against it by Epstein’s accusers and by the US Virgin Islands, where the financier had a home.
JP Morgan Chase not only denied the allegations, but also filed its own lawsuit against a former executive for his close ties to Epstein.
mf/rs (AFP, Reuters)
Source: DW
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.