December 11, 2023

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Deutsche Financial institution to pay $75 million to settle lawsuit by Epstein accusers

2 min read

New York: Deutsche Financial institution AG has agreed to pay $75 million to settle a lawsuit by girls who say they had been abused by the late financier Jeffrey Epstein, and accused the German financial institution of facilitating his intercourse trafficking.

The accord resolves claims in a proposed class motion in Manhattan federal court docket by Epstein’s accusers, and was confirmed by their attorneys late on Wednesday. Courtroom approval is required.

Epstein had been a Deutsche Financial institution shopper from 2013 to 2018.

He died in August 2019 in jail whereas awaiting trial for intercourse trafficking, in what New York Metropolis’s medical expert known as a suicide.

The Wall Avenue Journal reported the settlement earlier and stated the financial institution didn’t admit wrongdoing, citing folks accustomed to the matter.

Deutsche Financial institution spokesman Dylan Riddle declined to debate the accord, however referred to a 2020 assertion by which the financial institution acknowledged error in making Epstein a shopper.

He additionally stated Deutsche Financial institution has invested greater than 4 billion euros to bolster its controls, processes and coaching, and employed extra folks to combat monetary crime.

David Boies, one of many accusers’ attorneys, stated in an announcement that Epstein’s abuses “couldn’t have occurred with out the collaboration and help of many highly effective people and establishments. We respect Deutsche Financial institution’s willingness to take duty for its function.” The legislation companies Boies Schiller Flexner and Edwards Pottinger characterize Epstein’s accusers. A trial had been scheduled for Sept. 5.

JPMorgan affect

It wasn’t instantly clear how the settlement would possibly have an effect on JPMorgan Chase & Co, which faces related however bigger lawsuits by Epstein’s accusers and by the U.S. Virgin Islands, the place the financier had a house.

Epstein was a JPMorgan shopper from 1998 to 2013, a interval when he allegedly trafficked many extra girls and ladies. Courtroom papers have outlined many particulars in regards to the financial institution’s alleged ignoring or turning a blind eye to Epstein’s actions.

JPMorgan didn’t instantly reply to requests for remark outdoors enterprise hours.

It’s individually suing Jes Staley, a former non-public banking chief who had been pleasant with Epstein, to assist cowl its losses within the two lawsuits it faces.

Staley can also be a former Barclays Plc chief govt. Tesla Inc’s Elon Musk is amongst those that have been subpoenaed within the JPMorgan litigation.

The Deutsche Financial institution case was led by an unidentified plaintiff, often known as Jane Doe 1, who stated Epstein sexually abused her from 2003 to 2018.

A unique Jane Doe 1, a former ballet dancer who stated Epstein trafficked her from 2006 to 2013, is main the accusers’ case towards JPMorgan.

Final September, Deutsche Financial institution agreed to pay $26.25 million to settle a U.S. shareholder lawsuit accusing the financial institution of lax oversight whereas doing enterprise with dangerous, ultra-rich shoppers like Epstein.

The case is Jane Doe 1 v Deutsche Financial institution AG et al, U.S.

District Courtroom, Southern District of New York, No. 22-10018.

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