Deutsche Bank agreed to pay $75 million to settle a class-action lawsuit filed by Jeffrey Epstein sexual assault victims.
After finding Epstein was using money in his accounts to arrange payments for a sex-trafficking operation in which hundreds of young women were paid to have sex with Epstein and his colleagues, the bank was accused of maintaining him as a client for five years.
The law firms Edwards Pottinger and Boies Schiller Flexner, which represent Epstein's victims, said in a joint statement that the “ground breaking settlement is the culmination of two law firms conducting more than a decade-long investigation to hold one of Epstein’s financial banking partners responsible for the role it played in facilitating his trafficking organization.”
Brittany Henderson, partner at Edwards Pottinger, said in the emailed statement, “We believe that this historic resolution stands for both justice and accountability as this is likely the largest sex-trafficking settlement involving a banking institution in U.S. history. The settlement will allow dozens of survivors of Jeffrey Epstein to finally attempt to restore their faith in our system knowing that all individuals and entities who facilitated Epstein’s sex-trafficking operation will finally be held accountable.”
Deutsche Bank did not respond promptly.
JPMorgan Chase has also been sued for its connections to Epstein.
In September, Deutsche Bank agreed to pay $26.3 million to resolve a shareholder complaint accusing the bank of failing to correct several shortcomings, including surveillance of high-risk clients like Epstein. In agreeing to settle the complaint, the bank denied any wrongdoing.
The New York State Department of Financial Services ordered Deutsche Bank to pay $150 million in 2020 for having compliance deficiencies related, in part, to its failure to properly monitor account activity conducted on behalf of Epstein despite prior evidence of his criminal misconduct.
By fLEXI tEAM