Deutsche Bank has consented to a settlement of $75m (£60.1m), in a case brought by women who were allegedly victimized by the now-deceased financier Jeffrey Epstein. The women claimed that the bank played a part in facilitating Epstein’s illicit sex trafficking.
This settlement addresses allegations brought to a New York court last year by an unidentified woman representing herself and other victims. The claim states that Deutsche Bank continued to conduct business with Epstein for five years despite knowing about his involvement in sex trafficking activities.
Epstein was a client of Deutsche Bank from 2013 to 2018. In August 2019, while facing charges of sex trafficking, he died in jail, in what was declared a suicide by New York City’s medical examiner.
Deutsche Bank’s representative opted not to comment on the settlement but referred to a previous statement from 2020 where the bank admitted its mistake in taking on Epstein as a client.
The spokesperson also noted that the bank has since put over €4bn towards improving its checks and balances, refining its processes, and enhancing training. It has also increased its personnel to combat financial crime.
David Boies, one of the lawyers representing the accusers, remarked in a statement that many influential individuals and institutions enabled Epstein’s abuses. He appreciated Deutsche Bank’s readiness to acknowledge its part in the matter.
