Home/ News / World/  Jeffrey Epstein Sexual Abuse Case: Deutsche Bank agrees to pay $75 million to settle suit

Deutsche Bank AG has agreed to pay $75 million to settle a lawsuit in which victims of Jeffrey Epstein’s sexual abuse accused the bank of facilitating his sex-trafficking operation, according to attorneys for the plaintiffs, Bloomberg reported. 

The report said the bank has decided to settle after US District Judge Jed Rakoff ruled in March that the lawsuit filed by a victim identified only as Jane Doe may proceed against it, as well as a separate but nearly identical suit filed by another Jane Doe against JPMorgan Chase & Co.

“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 are finally being held accountable," lawyers at Edwards Pottinger, one of the firms that brought the suit, said in a statement.

Bloomberg said, JPMorgan is still fighting the suit against it, and opposing the woman’s request to be allowed to represent other victims in a class-action lawsuit.

Deutsche Bank hasn’t admitted to any wrongdoing, a person with knowledge of the agreement said. The bank said it has bolstered its controls.

“In recent years Deutsche Bank has made considerable progress in remedying a number of past issues, including investing more than 4 billion euros to bolster our controls as well as training and operational processes," Dylan Riddle, a spokesman for the bank, said in a statement. “Further, we’ve increased the size of our anti-financial crime team to 1,900 employees."

In their lawsuits, the women alleged Epstein had access to large amounts of cash to fuel his operation and avoided cash withdrawals that would raise red flags. Epstein was a client at JPMorgan from 1998 to 2013. After the bank cut ties with him, he moved his accounts to Deutsche Bank until 2018.

(With agency updates)

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Updated: 18 May 2023, 08:52 AM IST
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