To settle a federal lawsuit, Deutsche Bank has agreed to pay US$75 million to victims of sex offender Jeffrey Epstein.
According to the lawsuit, Deutsche Bank was aware of Epstein’s network of underage girls and supported his sex trafficking operation since the German bank managed Epstein’s funds until June 2019 and paid a US$150 million fine to New York regulators in 2020 for compliance violations.
JP Morgan Chase, a US bank, has also been accused of similar claims.
In 2019, while awaiting his sex trafficking trial, famed financier Epstein committed suicide in a New York City jail cell.
According to persons familiar with the situation, the Wall Street Journal published the settlement earlier and stated that the bank did not admit wrongdoing.
Deutsche Bank spokesperson Dylan Riddle declined to comment on the settlement, but pointed to a 2020 statement in which the bank admitted to making an error in accepting Epstein as a client.
He also stated that Deutsche Bank has invested more than 4 billion euros in strengthening its controls, processes, and training, as well as hiring additional personnel to combat financial crime.
Epstein’s actions, according to David Boies, one of the accusations’ lawyers, “could not have happened without the collaboration and support of many powerful individuals and institutions.” We admire Deutsche Bank’s determination to accept responsibility for its actions.”
