The Strategist

Deutsche Bank to pay $75m to Jeffrey Epstein’s victims

05/19/2023 - 03:39

A case filed by Jeffrey Epstein's sexual abuse victims against Deutsche Bank has been resolved. They will receive $75 million in total compensation from the bank.

In November 2022, a complaint was submitted to the US District Court for the Southern District of New York against Deutsche Bank and JPMorgan. The plaintiffs claimed that Jeffrey Epstein's illegal activities were made possible by the banks. 

They claim that after receiving information about their affluent customer, the banks continued to provide services to Jeffrey Epstein and his colleagues, enabling the illicit sex trafficking enterprise to continue.

Jeffrey Epstein was a client of Deutsche Bank from 2013 to 2018. He was arrested in July 2019. Epstein was charged with sex trafficking, seduction of minors, organizing prostitution, witness bribery and other offences. 

A month later, without awaiting trial, he committed suicide in a prison cell. Deutsche Bank pleaded not guilty, but decided to compensate the victims. Previously, in 2020, the bank had already claimed that servicing Jeffrey Epstein was a mistake. Deutsche Bank also reported that it had invested $4bn to improve controls on financial crime.