Deutsche Bank To Pay $75 Million To Sex Victims. This Is The Reason

Deutsche Bank has consented to pay $75 million to victims of sex predator Jeffrey Epstein to settle a government claim blaming the bank for empowering and profiting from Epstein’s sex dealing of young women.

The surprising deal actually passes on JPMorgan Pursue to shield its own eventual legal claim by Epstein informers in U.S. Region Court in Manhattan, which includes similar allegations.

On May 26, JPMorgan CEO Jamie Dimon is scheduled to be deposed in that suit and a related one brought by the government of the U.S. Virgin Islands. Dimon has stated that the bank is not responsible for Epstein’s sex trafficking.

The settlement arrangement by Deutsche Bank, which will save $75 million for Epstein accusers, was first revealed by The Wall Street Journal.

According to the agreement, victims of Epstein who were affected by his sex trafficking from 2013 to 2018 would receive at least $75,000 and up to $5 million, depending on how their allegations were evaluated.

Deutsche Bank representative Dylan Riddle wouldn’t remark on the deal, but said that his bank has spent multiple billion euros [$4.34 billion] to reinforce internal financial controls.

Riddle stated,

“In recent years Deutsche Bank has made considerable progress in remedying a number of past issues,”

He noted that in 2020, when the bank agreed to pay a $150 million fine to New York’s financial regulator for its dealings with Epstein and other issues, Deutsche Bank had said,

“We acknowledge our error onboarding Epstein in 2013, and the weaknesses in our processes, and have learnt from our mistakes and our shortcomings.”

In a jointly obtained statement, the two law firms representing the accusers, Edwards Pottinger and Boies Schiller Flexner, disclosed the following:

“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.”

The suit, which was seeking class-action status, was filed in November by a woman using the pseudonym Jane Doe. She alleged Deutsche Bank knowingly participated in and financially benefited from participating in Epstein’s sex trafficking “by providing the requisite financial support for the continued operation” of that scheme.

“Deutsche Bank also knew that Epstein would use means of force, threats of force, fraud, abuse of legal process, exploitation of power disparity, and a variety of other forms of coercion to cause young women and girls to engage in commercial sex acts,” the suit says.

“Knowing that they would earn millions of dollars from facilitating Epstein’s sex trafficking, and from its relationship with Epstein, Deutsche Bank chose profit over following the law,” the suit said. “Specifically, Deutsche Bank chose facilitating a sex trafficking operation in order to churn profits.”

Epstein, who had been a customer of JPMorgan from 1998 through 2013, became a customer of Deutsche Bank after JPMorgan ended its banking relationship with him.

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“Deutsche Bank picked up exactly where JPMorgan left off and became the bank that Epstein needed to fund his sexual abuse and sex-trafficking operation,” the suit says.

Epstein committed suicide in a Manhattan government prison in August 2019, a month in the wake of being arrested on bureaucratic child sex trafficking charges.

His arrest in that case came ten years after he pleaded guilty in a Florida state court to soliciting sex for money from an underage girl. He had been in jail for more than a year. The guilty plea in 2008 received a lot of attention.