Deutsche Bank has agreed to pay a settlement of $75 million (£60.1m) to resolve a lawsuit filed by women who allege they were abused by the late financier Jeffrey Epstein. The agreement settles claims made last year in New York by an anonymous woman on behalf of herself and other accusers, asserting that Deutsche Bank knowingly conducted business with Epstein for five years while he was engaged in sex-trafficking.
Epstein had been a client of Deutsche Bank from 2013 to 2018 and died in August 2019 while awaiting trial for sex trafficking charges. A spokesman for Deutsche Bank declined to discuss the specifics of the agreement, but referred back to a statement from 2020 where the bank acknowledged its error in accepting Epstein as a client.
David Boies, one of the lawyers representing the accusers, said in a statement: "Epstein's abuses could not have happened without the collaboration and support of many powerful individuals and institutions." This highlights that culpability extends beyond just Epstein himself.
Germany's largest bank has agreed to pay out this substantial sum as part of its efforts toward ending lawsuits related to victims' allegations within Epstein's sex-trafficking ring. The settlement will address claims proposed within class-action litigation taking place at Manhattan federal court level; confirmation came via attorneys representing those affected late Wednesday evening.
In response these events, Deutsche Bank has invested over €4 billion into strengthening internal controls, processes, training programs and hiring additional staff members tasked with combating financial crime. It is also pursuing legal action against Jes Staley – a former private banking chief who maintained friendly relations with Epstein – as they seek recompense regarding losses faced due both cases currently underway.