Deutsche Bank Inc DB has agreed to pay $75 million to settle a proposed class action lawsuit alleging the financial institution was aiding and abetting Jeffrey Epstein‘S sex trafficking Ring.
What happened: Lawyers who are suing the bank on behalf of alleged victims announced the settlement. reported The Wall Street Journal.
Last year an anonymous woman called jane doe filed a lawsuit in New York, alleging that Deutsche Bank did business with her Epstein for five years, although he was aware of the use of funds to support his sex trafficking activities.
The plaintiff, who alleges sexual abuse by Epstein and human trafficking with his friends from 2003 to 2018, also accused the bank of disregarding red flags such as payments to numerous young women.
Epstein was awaiting trial on sex trafficking charges found dead in a Manhattan jail in 2019. His death was ruled a suicide.
Deutsche Bank spokesman Dylan Riddle declined to comment on the settlement.
According to attorneys for the plaintiffs from the law firms, the $75 million settlement represents the largest sex trafficking settlement involving a banking institution. Boie’s Schiller Flexner and Edwards Pottinger.
“This landmark settlement is the culmination of a more than decade-long investigation by two law firms to hold one of Epstein’s financial banking partners responsible for the role he played in supporting his human trafficking organization,” the joint statement said.
Why it matters: Deutsche Bank’s complaint is one of two lawsuits against banks for allegedly enabling Epstein’s recruitment and exploitation of underage girls and young women, WSJ explained. The second lawsuit submitted against it JPMorgan Chase, echoing similar allegations against the banking giant. JPMorgan was sued by the US Virgin Islands for alleged aiding and abetting Epstein’s sex trafficking and abuse.
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