Deutsche Bank Agrees to Pay $75M to Victims of Jeffrey Epstein

 

Deutsche Bank has agreed to pay US$75 million to victims of s.ex offender, Jeffrey Epstein to settle a federal lawsuit .

The lawsuit claimed that because Deutsche Bank handled Epstein’s money up to June 2019 and paid a US$150 million punishment to New York regulators in 2020 for compliance violations, the German bank was aware of Epstein’s network of underage females and facilitated his sex trafficking enterprise.

US bank JP Morgan Chase has also been accused of similar allegations.

Famed Financier Epstein killed himself in a New York City jail cell in 2019 while awaiting his sex trafficking trial.

The Wall Street Journal reported the settlement earlier and said the bank did not admit wrongdoing, citing people familiar with the matter.

 

Dylan Riddle, a spokesman for Deutsche Bank, declined to comment on the settlement but pointed to a 2020 statement in which the bank acknowledged making a mistake in adding Epstein as a client.

He added that Deutsche Bank has engaged additional personnel to combat financial crime and invested more than 4 billion euros to strengthen its controls, procedures, and training.

Epstein’s abuses “could not have happened without the collaboration and support of many powerful individuals and institutions,” according to David Boies, one of the accusations’ attorneys. We value Deutsche Bank’s readiness to accept accountability for its part.

 

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