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Deutsche Bank to pay $75 million to settle Epstein lawsuit

Germany-based global banking firm Deutsche Bank has reportedly reached a settlement with women who accused Jeffrey Epstein of sex trafficking.
photograph: 123 RF

To Jonathan Stempelfor Reuters

Deutsche Bank agrees to pay $75 million to settle lawsuits filed by women who claim they were abused by late financier Jeffrey Epstein and who accuse Deutsche Bank of facilitating his sex trafficking bottom.

The agreement, which settled class action claims in Manhattan federal court by Epstein’s accusers, was approved by their attorneys late Wednesday. However, court approval was also required.

Epstein was a customer of Deutsche Bank from 2013 to 2018. He died in prison while awaiting trial for sex trafficking in August 2019, but a New York City medical examiner ruled it a suicide.

The Wall Street Journal earlier reported the settlement, citing people familiar with the matter and saying the bank had not admitted wrongdoing.

Deutsche Bank spokesman Dylan Riddle declined to discuss the deal, but referred to a 2020 statement in which the bank admitted it made a mistake with Epstein as a client.

He also said Deutsche Bank has invested more than 4 billion euros to strengthen controls, processes and training, and hired more people to fight financial crime.

David Boyes, one of the whistleblowers’ attorneys, said in a statement that Epstein’s abuse “couldn’t have happened without the cooperation and support of many influential individuals and institutions. We hold Deutsche Bank accountable to its role.” I am grateful for the attitude of bearing the burden.”

Law firms Boys, Shiller & Flexner and Edwards Pottinger are representing Epstein’s accusers. A trial was scheduled for September 5.

[h]What does this mean for other lawsuits?

It was not immediately clear what impact the settlement would have on U.S. banking firm JPMorgan Chase, which reportedly identified Epstein’s accuser and the U.S. territory where Epstein’s home was located. It was facing a similar but larger lawsuit from the Virgin Islands.

Epstein was a client of JPMorgan from 1998 to 2013, and allegedly trafficked more women and girls during this period.

Court documents outlined many details about alleged banks ignoring or turning a blind eye to Epstein’s activities.

JPMorgan did not immediately respond to an after-hours request for comment.

that was suing Jess Staley separatelythe former private banking chief who was friendly with Epstein, worked together to make up for the losses in the two lawsuits facing him.

Staley was also the former CEO of Barclays.

Tesla’s Elon Musk was also among those subpoenaed in the JPMorgan lawsuit.

The Deutsche Bank lawsuit, led by an unidentified plaintiff known as Jane Doe, alleges Epstein sexually abused him from 2003 to 2018.

Another Jane Doe No. 1, a former ballet dancer who alleged Epstein trafficked from 2006 to 2013, was leading the accuser’s lawsuit against JP Morgan.

Last September, Deutsche Bank agreed to pay $26.25 million to settle a U.S. shareholder lawsuit accusing it of lax oversight while dealing with risky ultra-high net worth clients like Epstein. .


https://www.rnz.co.nz/news/world/490173/deutsche-bank-to-pay-75m-to-settle-lawsuit-by-epstein-accusers Deutsche Bank to pay $75 million to settle Epstein lawsuit

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