Deutsche Bank agrees to pay $75 million to Jeffrey Epstein victims to settle lawsuit

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Deutsche Bank agreed to pay $75 million to victims of sex predator Jeffrey Epstein to settle a federal lawsuit accusing the financial institution of enabling and benefitting from its buyer’s intercourse trafficking of younger ladies, sources informed CNBC on Wednesday evening.

The bombshell deal nonetheless leaves JPMorgan Chase to defend its personal would-be class motion lawsuit by Epstein accusers in U.S. District Court in Manhattan, which includes comparable allegations.

JPMorgan CEO Jamie Dimon, who has stated the bank just isn’t responsible for intercourse trafficking by its former long-time buyer Epstein, is due to be deposed in that swimsuit, and a associated one by the federal government of the U.S. Virgin Islands on May 26.

The settlement settlement by Deutsche Bank, which is able to put aside $75 million for Epstein accusers, was first reported by The Wall Street Journal.

Under the deal, victims of Epstein who have been affected by his intercourse trafficking throughout the time when he was a buyer of Deutsche Bank, from 2013 via 2018, would obtain not less than $75,000 and up to $5 million relying on an analysis of their claims.

Deutsche Bank spokesman Dylan Riddle wouldn’t touch upon the deal, however famous that his financial institution has spent greater than 4 billion euros [$4.34 billion] to strengthen inside monetary controls.

“In latest years Deutsche Bank has made appreciable progress in remedying a variety of previous points,” Riddle stated. 

He famous that in 2020, when the financial institution agreed to pay a $150 million positive to New York’s monetary regulator for its dealings with Epstein and different points, Deutsche Bank had stated, “We acknowledge our error onboarding Epstein in 2013, and the weaknesses in our processes, and have learnt from our errors and our shortcomings.”

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The two legislation companies representing the accusers, Edwards Pottinger and Boies Schiller Flexner, in a joint assertion obtained by CNBC stated: “This groundbreaking settlement is the fruits of two legislation companies conducting greater than a decade-long investigation to maintain one in all Epstein’s monetary banking companions accountable for the position it performed in facilitating his trafficking group.”

The swimsuit, which was in search of class-action standing, was filed in November by a girl utilizing the pseudonym Jane Doe. She alleged Deutsche Bank knowingly participated in and financially benefited from taking part in Epstein’s intercourse trafficking “by offering the requisite monetary assist for the continued operation” of that scheme.

“Deutsche Bank additionally knew that Epstein would use technique of pressure, threats of pressure, fraud, abuse of authorized course of, exploitation of energy disparity, and quite a lot of different types of coercion to trigger younger ladies and women to interact in industrial intercourse acts,” the swimsuit says.

“Knowing that they might earn thousands and thousands of {dollars} from facilitating Epstein’s intercourse trafficking, and from its relationship with Epstein, Deutsche Bank selected revenue over following the legislation,” the swimsuit stated. “Specifically, Deutsche Bank selected facilitating a intercourse trafficking operation so as to churn income.”

A video nonetheless from the NBC archive exhibiting Donald Trump speaking with Jeffrey Epstein at a celebration in Mar-A-Lago from 1992.


Epstein, who had been a buyer of JPMorgan from 1998 via 2013, grew to become a buyer of Deutsche Bank after JPMorgan ended its banking relationship with him.

“Deutsche Bank picked up precisely the place JPMorgan left off and have become the financial institution that Epstein wanted to fund his sexual abuse and sex-trafficking operation,” the swimsuit says.

Epstein killed himself in a Manhattan federal jail in August 2019, a month after being arrested on federal youngster intercourse trafficking prices.

His arrest in that case got here 10 years after he served a jail sentence or greater than a 12 months for pleading responsible in Florida state court docket to soliciting intercourse for cash from an underage woman. That 2008 responsible plea was extensively publicized.

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