Deutsche Bank agrees to pay $75M to victims of sex offender, Jeffrey Epstein

Deutsche Bank has agreed to pay US$75 million to victims of sex offender, Jeffrey Epstein to settle a federal lawsuit .

The lawsuit alleged that Deutsche Bank knew about Epstein’s network of underage girls and enabled his sex trafficking scheme as the German bank managed Epstein’s money until June 2019 and paid a US$150 million fine to New York regulators in 2020 for compliance failures.

US bank JP Morgan Chase has also been accused of similar allegations.

Famed Financier Epstein killed himself in a New York City jail cell in 2019 while awaiting his sex trafficking trial.

The Wall Street Journal reported the settlement earlier and said the bank did not admit wrongdoing, citing people familiar with the matter.

Deutsche Bank spokesman Dylan Riddle declined to discuss the settlement, but referred to a 2020 statement in which the bank acknowledged error in making Epstein a client.

He also said Deutsche Bank has invested more than 4 billion euros to bolster its controls, processes and training, and hired more people to fight financial crime.

David Boies, one of the accusers’ lawyers, said in a statement that Epstein’s abuses “could not have happened without the collaboration and support of many powerful individuals and institutions. We appreciate Deutsche Bank’s willingness to take responsibility for its role.”