Deutsche Bank has agreed to pay a settlement of $75 million (£60 million) in a lawsuit that accused the bank of enabling Jeffrey Epstein’s alleged sex trafficking ring. The lawsuit was filed by an unnamed woman, known as “Jane Doe,” who claimed that the bank continued to conduct business with Epstein despite being aware that his accounts were used to facilitate the abuses. She also alleged that she was personally abused by Epstein and trafficked to his associates.
Deutsche Bank declined to comment on the case when approached by the BBC. The woman filed the class-action lawsuit on behalf of herself and other women who claimed to have been victims of abuse by the late American financier. In the lawsuit, she accused Deutsche Bank of prioritizing profit over adherence to the law, as it knowingly facilitated Epstein’s sex trafficking activities, expecting to earn substantial profits from them.
According to the woman’s allegations, she endured approximately 15 years of sexual abuse by Epstein and was trafficked to his acquaintances, receiving cash payments for her involvement in sexual acts. The settlement reached is expected to provide compensation to numerous women who were victims of Epstein’s alleged sex trafficking ring.
Law firm Edwards Pottinger, representing the unnamed woman, described the settlement as likely the largest sex-trafficking settlement involving a banking institution in US history. They expressed hope that this outcome would help restore survivors’ faith in the justice system and hold accountable all individuals and entities that contributed to Epstein’s sex-trafficking operation.
Deutsche Bank had previously sought to have the lawsuit dismissed but has now agreed to the settlement. The bank’s spokesperson, Dylan Riddle, refrained from commenting on the settlement but highlighted the significant progress made by the bank in addressing past issues. He stated that the bank has invested over €4 billion ($4.3 billion; £3.5 billion) to enhance its controls, training, operational processes, and its team dedicated to combating financial crime.
Jeffrey Epstein died in a New York prison cell in August 2019 while awaiting trial on sex trafficking charges. This occurred more than a decade after his conviction for soliciting prostitution from a minor, which led to his registration as a sex offender. The settlement with Deutsche Bank marks a significant step in holding entities accountable for their alleged involvement in Epstein’s illicit activities.
