Rosalind Evans
Lawyers representing women who allege they were victims of Jeffrey Epstein have announced that Deutsche Bank has consented to pay $75 million to resolve a lawsuit. The German bank was accused of turning a blind eye to evidence of Epstein’s involvement in sex trafficking while he was a client.
A woman named Jane Doe instigated the lawsuit in a New York federal district court, seeking class-action status to represent other victims of Epstein. The lawsuit alleged that Deutsche Bank knowingly profited from Epstein’s illegal activities, prioritizing earnings over legality.
Edwards Pottinger, one of the law firms involved in the case, stated that they believe this to be the largest sex trafficking settlement with a bank in U.S. history.
The firm said, “The settlement will allow dozens of survivors of Jeffrey Epstein to attempt to regain trust in our system, knowing that all individuals and entities that facilitated Epstein’s sex-trafficking operation will finally be held accountable.”
Deutsche Bank did not comment directly on the settlement but referred to a 2020 statement acknowledging its error in accepting Epstein as a client. Frank Hartmann, the global head of media relations at the German bank, highlighted the bank’s efforts to strengthen controls and fight financial crime, investing more than 4 billion euros ($4.3 billion).
Boies Schiller Flexner, also representing plaintiffs, hailed the settlement as a significant milestone for victims’ rights. David Boies, the firm’s chairman, emphasized the network of powerful individuals and institutions that allowed Epstein’s abuse to continue unchecked for so long.
Deutsche Bank initially resisted these allegations, like JPMorgan Chase, which faces a similar lawsuit due to its links to Epstein. Epstein, accused of sexually abusing dozens of underage girls, committed suicide in prison.
Last year, the German bank defended its provision of “routine banking services” to Epstein from 2013 to 2018, denying any involvement in Epstein’s criminal sex trafficking operations.
These lawsuits also target the U.S. Virgin Islands government, where Epstein owned an estate, attracting attention from high-profile individuals. For instance, a U.S. judge recently ordered JPMorgan Chase CEO Jamie Dimon to undergo questioning by the lawsuit’s lawyers.
The Virgin Islands government is also issuing a subpoena to billionaire Elon Musk in its lawsuit against JPMorgan, alleging that the bank enabled Epstein’s recruiters to pay victims and helped to hide his long-standing abusive activities.
JPMorgan has refuted these allegations and has, in response, filed a lawsuit against its former executive Jes Staley, accusing him of concealing Epstein’s abuse and trafficking to maintain Epstein’s client status. Staley’s lawyer has refrained from commenting on the lawsuit since its filing in March.
As the lawsuits continue to unfold, it is clear that the far-reaching impact of Epstein’s heinous crimes extends well beyond his actions. These high-profile legal battles underscore the significance of due diligence and corporate accountability, illuminating major institutions’ role in this scandal. While this historic settlement with Deutsche Bank offers a degree of closure and recompense for Epstein’s victims, the enduring quest for justice underscores the systemic changes still needed in the financial industry to ensure such atrocities are not enabled in the future.
