Deutsche Bank agreed to pay $75 million to settle a lawsuit accusing the company of failing to recognize the sex trafficking conducted by Jeffrey Epstein, the deceased pedophile hedge fund manager who was once a client of the firm.
Lawyers for an alleged Epstein victim, identified only as Jane Doe in court documents, filed a lawsuit against Deutsche Bank earlier this year and claimed that the German financial institution knowingly benefited from the Epstein trafficking scheme. Deutsche Bank received most of the Epstein hedge fund’s business after his partnership with JPMorgan Chase, the largest investment bank in the United States, concluded in 2013.
Edwards Pottinger, one of the law firms representing the victim and other women, said in a statement that the settlement with Deutsche Bank “will allow dozens of survivors of Jeffrey Epstein to finally attempt to restore their faith in our system knowing that all individuals and entities who facilitated Epstein’s sex trafficking operation will finally be held accountable.” Boies Schiller Flexner, another law firm which represents the victims, likewise said that “the scope and scale of Epstein’s abuse, and the many years it continued in plain sight, could not have happened without the collaboration and support of many powerful individuals and institutions.”
