Deutsche Bank AG has agreed to pay $75 million (£60.1m) to settle a lawsuit filed by women who allege they were abused by the late financier Jeffrey Epstein. The agreement resolves claims submitted last year in New York on behalf of an anonymous woman and other accusers, alleging that Deutsche Bank conducted business with Epstein for five years despite knowing he was engaged in sex-trafficking.
Epstein had been a client of Deutsche Bank from 2013 to 2018 and passed away in August 2019 while awaiting trial for sex trafficking charges. A spokesman for the bank declined to discuss the agreement but referred back to a statement made in 2020 where it acknowledged making an error by taking on Epstein as a client.
David Boies, one of the lawyers representing the accusers, stated that "Epstein's abuses could not have happened without the collaboration and support of many powerful individuals and institutions." As Germany's largest financial institution, Deutsche Bank aims to put an end to this lawsuit related to victims affected by Epstein's sex-trafficking ring.
The settlement will resolve claims filed within a proposed class action suit brought forth at Manhattan federal court by Epstein’s accusers; their lawyers confirmed this development late Wednesday evening. In response to these lawsuits, Deutsche Bank has invested over €4 billion into strengthening its controls, processes, training programs and increasing staff numbers dedicated towards combatting financial crime.
In addition, Deutsche Bank is separately suing Jes Staley – former private banking chief who maintained friendly relations with Epstein – seeking assistance in covering losses associated with two outstanding lawsuits faced by the bank.