Deutsche Bank agreed to pay up to $75 million to one of Jeffrey Epstein's victims who accused the bank of enabling the late financier's child trafficking and abuse.
The financial institution reached a settlement with a woman whose identity is unknown, under the pseudonym "Jane Doe," who took the bank to court for its business dealings with Epstein.
Deutsche Bank took on Epstein as a client for five years after JPMorgan dropped him in 2013. At that time, he was a registered sex offender and had pleaded guilty to a sex crime against a teenage girl. Despite this, several reports revealed that Epstein maintained a high level of influence due to his wealth and connections.
Doe's legal team claims that the Frankfurt, Germany-based bank ignored warnings about Epstein's illicit activities. The money obtained will be distributed among the more than 125 victims.
"This groundbreaking 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," the lawyers said in a statement recorded by the Wall Street Journal.
The agreement must still be approved by Judge Jed Rakoff. If confirmed, it would be Deutsche Bank's second payment for its ties to Epstein. The first was in 2020 when it had to pay $150 million for supposedly ignoring red flags and suspicious activities by the financier.
Compensation
Epstein's victims received more than $125 million from a restitution fund created from the financier's estate several months after he died in prison.
Other victims received settlement money. These payments amount to approximately $20 million.
Two other claims
JPMorgan also faces a lawsuit over its dealings with Epstein, brought about by the same law firm. There is another lawsuit from the U.S. Virgin Islands, which blames the bank for "turning a blind eye" to the businessman's illegal activities on his private island Little St James.
The Virgin Islands settled a separate lawsuit last year for $105 million over tax benefits.
