Deutsche Bank Settles With Jeffrey Epstein Victims For $75 Million

The lawsuit between Deutsche Bank and the victims of Jefferey Epstein’s sexual abuse has reached a settlement as the bank agreed to pay a sum of $75 million to the plaintiffs.

According to the argument of the attorney who represented the plaintiffs, the bank facilitated the se-trafficking operations that were done by Epstein. The news regarding the settlement where the bank decided to set aside $75 million for the victims of Epstein was first reported by the Wall Street Journal. 

The settlement deal by the Deutsche Bank and the plaintiff will ensure that the victims of Epstein’s sex trafficking, who were affected while he was a customer of the Deutsche Bank will receive an appropriate amount after evaluating their claims.

Depending on the evaluation of their claims, the victims are expected to receive a sum that ranges between $75,000 and up to $5 million. Epstein was a customer of Deutsche Bank from 2013 to 2018. 

The spokesman of the Deutsche Bank Dylan Riddle did not respond or gave a comment about the settlement but he stated that the bank has spent almost 4 billion euros which is nearly $4.34 billion for strengthening its internal financial control.

Riddle also added that the bank has made considerable progress in resolving different issues that had happened in the past. Riddle also mentioned the issue where the bank agreed to pay a $150 million fine to New York financial regulators for its deals with Epstein.

During that time, the Deutsche Bank released a statement in which the bank acknowledged its error in boarding Epstein and also said that it had learned from its mistakes and shortcomings. 

Jeffrey Epstein

Two law firms represented the accusers of the case and the result and the outcome of the case is a joint effort of these two law firms. Edwards Pottinger and Boies Schiller Flexner were the two different agencies and following the judgment, the firms expressed their response to the ruling.

In their joint statement, the attorneys said that the groundbreaking settlement was the result of the decades-long joint effort to hold the financial banking partner of Epstein accountable for the role that they played in facilitating the trafficking organization. 

The lawsuit against Deutsche Bank was filed by a woman named Jane Doe. Not much information is available regarding her as of now.

In the suit filed by Jane Doe, he accused Deutsche Bank and stated that the bank participated in the Epstein sexual trafficking knowingly and that the bank also received financial benefits from participating in the operations led by Epstein.

She accused the bank of continuing its financial support to Epstein even after knowing the true intentions of his operations. 

The lawsuit also went on to accuse Deutsche Bank of being aware of the cruel practices that were carried out by Epstein.

Jane Doe, in her lawsuit, stated that the bank was well aware that Epstein used different means of force, fraud, other illegal measures, and exploitation of power along with other cruel means to make girls and young women participate in sexual activities.

The suit also added that even though the bank was aware of the illegal and cruel side of Epastein’s activities, they chose to keep silent as his operations would generate profit for the bank. In simple words, the Deutsche Bank chose to facilitate sex trafficking in order to gain financial profit. 

Before associating with Deutsche Bank, Jeffrey Epstein was a customer of the popular banking firm JPMorgan & Chase. He became a customer of the firm in 1998 and he continued his operations through the bank up until 2013.

He became a customer of Deutsche Bank in 2013 as JPMorgan Chase decided to end its relationship with Epstein.

Also Read:- Warren Buffett Sells Shares In Two Banks & Increases Bet On Bank Of America

The lawsuit clearly says that Deutsche picked up right where JPMorgan Chase left off and that the bank became the perfect partner who provided the needed financial assistance to Epstein to continue his trafficking operations without any obstacles. 

Jeffrey Epstein was arrested in July 2019 on federal child sex trafficking charges. After being arrested, Epstein was taken to the Manhattan federal jail. He remained in jail for almost a month and he finally committed suicide almost after a month of his arrest.

Before finally getting arrested in 2019 on federal child sex trafficking charges, Epstein was arrested almost ten years back in 2008 on grounds of similar charges. Following his arrest in 2008, Epstein pleaded guilty in a Florida court.

The charges accused against him included soliciting sex in exchange for money from a girl who was a minor. The case and the subsequent plea of Jefferey Epstein were widely publicized through media coverage. 

A similar lawsuit has also been filed against JPMorgan & Chase and the name of the person who filed the lawsuit is also Jane Doe. Available information suggests that the person who filed the lawsuit against JPMorgan & Chase is not the same Jane Doe who filed the lawsuit against Deutsche Bank. 

Read More:- Tiger Global Aims To Enter The Secondary Market With Its Private Company Stakes