Deutsche Bank Settles Lawsuit with Epstein Victims for $75 Million

Deutsche Bank has agreed to a $75 million settlement in a lawsuit alleging that the bank overlooked evidence of sex trafficking by Jeffrey Epstein, filed by a woman identified as Jane Doe. The settlement is expected to address claims that the bank knowingly benefited from Epstein’s sex trafficking activities, prioritizing profit over legal compliance. The lawsuit sought class-action status to represent other victims of Epstein, and legal experts believe it to be the largest sex trafficking settlement with a bank in US history.

Edwards Pottinger, one of the law firms representing victims, expressed that the settlement is a significant step for survivors seeking accountability. The bank refrained from commenting on the settlement but referred to a 2020 statement acknowledging its mistake in accepting Epstein as a client. Frank Hartmann, Deutsche Bank’s Global Head of Media Relations, highlighted the bank’s substantial investment in enhancing controls, processes, and training to combat financial crime.

The Boies Schiller Flexner law firm, another representative of plaintiffs, emphasized the importance of the settlement for victims’ rights. David Boies, the firm’s chairman, noted that the collaboration and support of powerful individuals and institutions were integral to the extent and duration of Epstein’s abuse.

Deutsche Bank, along with JPMorgan Chase, had previously contested the allegations in the lawsuit. The legal proceedings also involve high-profile figures, with JPMorgan Chase CEO Jamie Dimon facing questioning in connection to the lawsuits. The Virgin Islands government, a target in the lawsuits, is seeking to subpoena Elon Musk as part of its litigation against JPMorgan, accusing the bank of facilitating Epstein’s activities. JPMorgan has denied the allegations and filed a counter-suit against former executive Jes Staley, accusing him of concealing Epstein’s abuse and trafficking. Staley’s lawyer provided no comment on the lawsuit when it was filed in March.

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