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Deutsche Bank agrees to pay $75 million to victims of sex predator Jeffrey Epstein in federal settlement litigation Sources told CNBC late Wednesday that the bank has been accused of supporting and benefiting from the sex trafficking of young women by its clients.
Blockbuster deals still exist JPMorgan Defended class action lawsuit brought by Epstein plaintiffs in U.S. District Court for the District of Manhattan involving similar allegations.
JPMorgan Chief Executive Jamie Dimon, who has said the bank is not responsible for the sex trafficking of his former longtime client Epstein, will be charged on May 26 in that lawsuit and a related one from the U.S. Virgin Islands government. dismissed.
Deutsche Bank settlement will set aside $75 million for Epstein accusers, as early as wall street journal.
Under the agreement, Epstein’s victims, who were affected by the sex trade while they were Deutsche Bank clients from 2013 to 2018, will receive at least $75,000 and up to $5 million based on an assessment of their claims.
Deutsche Bank spokesman Dylan Riddle declined to comment on the deal, but noted that the bank had spent more than 4 billion euros ($4.34 billion) strengthening internal financial controls.
“In recent years, Deutsche Bank has made considerable progress in addressing some of its past problems,” Riedel said.
He pointed out that in 2020, when Deutsche Bank agreed to pay a $150 million fine to New York financial regulators over its dealings with Epstein and other issues, Deutsche Bank had said, “We acknowledge that our involvement with Epstein in 2013 Stein when we make mistakes, process our weaknesses, and learn from our mistakes and shortcomings.”
In a joint statement obtained by CNBC, the two law firms representing plaintiffs Edwards Pottinger and Boies Schiller Flexner said: “This groundbreaking settlement follows a decade-long investigation by the law firms to control Apple The result of one of Stein’s financial banking operations. Partners are responsible for the role it played in facilitating his trafficking organization.”
The lawsuit, seeking class-action status, was filed in November by a woman who goes by the pseudonym Jane Doe. She accused Deutsche Bank of knowingly participating in and profiting from Epstein’s sex trafficking “by providing the necessary financial support for the continued operation of the scheme.”
“Deutsche Bank also knew that Epstein would use force, threat of force, fraud, abuse of legal process, exploitation of power gaps, and various other forms of coercion to engage young women and girls in commercial sex,” Suits said.
“Deutsche Bank, knowing they would make millions of dollars from facilitating Epstein’s sex trafficking and relationship with Epstein, chose to profit rather than obey the law,” the lawsuit says. “Specifically, Deutsche Bank chose to facilitate sex trafficking for profit.”
A video in the NBC archives still shows Donald Trump talking to Jeffrey Epstein at a Mar-A-Lago party in 1992.
NBC
Epstein, who was a client of JPMorgan from 1998 to 2013, became a client of Deutsche Bank after JPMorgan terminated its banking relationship with him.
“Deutsche Bank picked up exactly where JPMorgan left off, becoming the bank Epstein needed to fund his sexual abuse and sex trafficking campaign,” the lawsuit says.
Epstein committed suicide in a Manhattan federal prison in August 2019, a month after he was arrested on federal child sex trafficking charges.
His arrest in that case came after he had served 10 years or more, pleading guilty in a Florida court to soliciting sex payments from underage girls. The 2008 guilty plea was widely publicized.