Deutsche Bank to pay $75 million to settle lawsuit by Epstein accusers
Deustche bank
DeutscheBankAG has agreed topay$75milliontosettlealawsuitby women who say they were abused by the late financier JeffreyEpstein and accused the Germanbankof facilitating his sex trafficking.
The accord resolves claims in a proposed class action in Manhattan federal court byEpstein'saccusers and was confirmed by their lawyers late on Wednesday. Court approval is required.
Epsteinhad been aDeutscheBankclient from 2013 to 2018. He died in August 2019 in jail while awaiting trial for sex trafficking, in what New York City's medical examiner called a suicide.
The Wall Street Journal reported thesettlement earlier and said thebankdid not admit wrongdoing, citing people familiar with the matter.
DeutscheBankspokesman Dylan Riddle declined to discuss the accord but referred to a 2020 statement in which thebankacknowledged an error in makingEpsteina client.
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He also saidDeutscheBankhas invested more than 4 billion euros to bolster its controls, processes and training, and hired more people to fight financial crime.
David Boies, one of theaccusers' lawyers, said in a statement thatEpstein's abuses "could not have happened without the collaboration and support of many powerful individuals and institutions. We appreciateDeutscheBank's willingness to take responsibility for its role."
The law firms Boies Schiller Flexner and Edwards Pottinger representEpstein'saccusers. A trial had been scheduled for Sept. 5.
JPMORGAN IMPACT
It wasn't immediately clear how thesettlement might affect JPMorgan Chase & Co, which faces similar but largerlawsuits byEpstein'saccusersand by the USVirgin Islands, where the financier had a home.
Epsteinwas a JPMorgan client from 1998 to 2013, a period when he allegedly trafficked many more women and girls. Court papers have outlined many details about thebank's alleged ignoring or turning a blind eye toEpstein's activities.
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JPMorgan did not immediately respond to requests for comment outside business hours.
It is separately suing Jes Staley, a former privatebanking chief who had been friendly withEpstein, to help cover its losses in the twolawsuits it faces.
Staley is also a former Barclays Plc chief executive. Tesla Inc's Elon Musk is among those who have been subpoenaed in the JPMorgan litigation.
TheDeutscheBankcase was led by an unidentified plaintiff, known as Jane Doe 1, who saidEpsteinsexually abused her from 2003 to 2018.
A different Jane Doe 1, a former ballet dancer who saidEpsteintrafficked her from 2006 to 2013, is leading theaccusers' case against JPMorgan.
Last September,DeutscheBankagreed topay$26.25milliontosettlea USshareholderlawsuitaccusing thebankof lax oversight while doing business with risky, ultra-rich clients likeEpstein.
The case is Jane Doe 1 vDeutscheBankAG et al, USDistrict Court, Southern District of New York, No. 22-10018.
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