JUST IN: Deutsche Bank Ordered To Pay $75M To Epstein Victims

(trendingpoliticsnews) – Deutsche Bank has been ordered to pay a substantial $75 million settlement to the victims of the late sex offender and financier, Jeffrey Epstein.

The federal lawsuit filed against the bank accused them of enabling and benefiting from Epstein’s trafficking of women while he was a client. The victims alleged that Deutsche Bank turned a blind eye to the warning signs of sex trafficking within their institution, choosing to prioritize their association with Epstein due to his immense wealth and power.

The settlement will provide compensation to the victims, ranging from $75,000 for those with less severe circumstances, up to $5 million for those who experienced extreme harm. This case highlights the serious allegations against Deutsche Bank and sheds light on potential lapses in their adherence to regulations regarding sex trafficking indicators in the banking industry.

In a joint statement Boies Schiller Flexner and Edwards Pottinger said, “This groundbreaking settlement is the culmination of two law firms conducting more than a decade-long investigation to hold one of Epstein’s financial banking partners responsible for the role it played in facilitating his trafficking organization.”

Both firms are known for handling high-profile litigation and representing clients in a wide range of legal matters, including antitrust, intellectual property, securities, and white-collar defense. While this settlement will resolve the specific lawsuit, it is important to note that similar cases implicating financial institutions in illicit activities are emerging.

“We believe that this historic resolution stands for both justice and accountability as this is likely the largest sex-trafficking settlement involving a banking institution in U.S. history,” Edwards Pottinger LLC wrote to FOX Business.

Fox Business explained:

The suit claimed that the German lender should have seen evidence of sex trafficking by Epstein when he was a client, according to The Associated Press, citing lawyers for the women. Epstein died in August 2019 in jail while awaiting trial for sex trafficking. New York City’s medical examiner ruled Epstein’s death a suicide.

A woman only identified as Jane Doe sued the bank in federal district court in New York and sought class-action status to represent other victims of Epstein.

The lawsuit asserted that the bank knowingly benefited from Epstein’s sex trafficking and “chose profit over following the law…”

Deutsche Bank declined to comment on the settlement. However, a representative pointed to a 2020 statement from the bank that acknowledged the error in making Epstein a client and said the bank had invested more than 4 billion euros ($4.3 billion) to bolster controls, processes and training, and hired more people to fight financial crime.