Deutsche Bank has agreed to pay up to $75 million to settle a lawsuit filed by an unnamed woman who accused the bank of profiting from human trafficking by keeping Jeffrey Epstein as a client .
Jane Doe, who goes by the pseudonym Jane Doe and said she was abused by Epstein, first filed the proposed class-action lawsuit against Deutsche Bank in November after a New York law allowed sexual abuse claims to be brought after the statute of limitations had expired and in limited cases. carried out within the time.
She claimed the German bank “choosed profit over compliance with the law” and knew it would make “millions of dollars by facilitating Epstein’s sex trafficking.”
Dozens of women could end up sharing the damages, which would be divided in amounts determined by administrators who evaluate individual claims, the people said. Claimants could receive up to $5 million each, the people said.
The settlement draws the line on one of three lawsuits involving Epstein’s lenders. Two other targets were JPMorgan, which has been sued by another alleged victim, and Epstein, who has a home in the U.S. Virgin Islands. JPMorgan has filed a fourth lawsuit against former executive Jess Staley, accusing him of lying about his relationship with Epstein.
“We are proud to have achieved such a good outcome for the victims, who deserve justice for all those who played a genuine role in the abuse,” Doe’s attorney, Brad Edwards, said in a statement.
Deutsche Bank paid $150 million to the New York State Department of Financial Services in 2020 over its relationship with Epstein and internal compliance failures, and last year agreed to pay $26 million to shareholders who accused the bank of misleading them during the client review process.
The Frankfurt-based lender had tried to dismiss Doe’s case, arguing that her April 2022 settlement with the Epstein estate, in which she received $7.4 million, also covered the lender’s liability. .
It also argued that Doe’s “inadequate” complaint did not “come close” to adequately accusing Deutsche of being part of Epstein’s sex-trafficking ring.
Deutsche Bank declined to comment on the settlement agreement.
In recent years, Deutsche Bank has invested 4 billion euros in improving its internal compliance system, building an anti-financial crime team of more than 1,900 people, a person familiar with the matter said.
The Frankfurt-based bank first added Epstein as a client in August 2013, shortly after JPMorgan dropped him over concerns about his sexual misconduct and reports that he paid victims cash. Former JPMorgan banker Paul Morris suggested the bank that Epstein could bring him lucrative clients, court documents show. Deutsche Bank eventually dropped Epstein’s client in December 2018.
Epstein, his friends and entities he controlled opened more than 40 accounts at the bank, depositing assets totaling more than $110 million, according to court documents.
Judge Jed Rakoff, who oversaw the lawsuit, denied in part Deutsche Bank’s attempt to dismiss the case in his order, saying that Epstein “sought Deutsche Bank’s advice on how to arrange his withdrawals to avoid notice.” recommended.” . . he was protected by Deutsche Bank’s failure to file a suspicious activity report”.
He said it was “reasonable” for Deutsche Bank to benefit from human trafficking and agreed to let the case proceed.
Epstein pleaded guilty in 2008 to charges of soliciting minors for prostitution in Florida. He was charged with sex trafficking by federal prosecutors in 2019 and committed suicide while awaiting trial.