According to The Wall Street Journal, the money will compensate dozens of Epstein’s accusers who will each receive $75,000, and possibly more money if they make claims against Deutsche to an administrator of the $75 million settlement, which could potentially mean receiving a payment of over $5 million.
The settlement is pending approval by a federal judge.
The outlet reported that a woman who is anonymous in court documents filed the suit in 2022 in New York on behalf of herself and other alleged victims. In the suit, the woman listed as Jane Doe claimed Deutsche Bank did business with Epstein for five years while knowing that he was using funds in his accounts for sex-trafficking schemes.
The woman alleged that from 2003 to 2018 she was sexually abused by Epstein and trafficked to his friends and that she was paid in cash for sex acts while the financial giant ignored red flags, including payments to many young women.
In 2019, the convicted child sex trafficker died in a New York federal jail while awaiting trial on charges of sex trafficking.
A spokesman for Deutsche Bank, Dylan Riddle, said, “In recent years Deutsche Bank has made considerable progress in remedying a number of past issues.” He added that the bank has invested over $4.34 billion, to increase controls, training, and operational processes noting that it has also grown the number of employees working on combating financial crime.
Lawyers for the plaintiffs from Boies Schiller Flexner and Edwards Pottinger told The Journal that the $75 million figure may have been the largest ever sex trafficking settlement involving a bank. In a joint statement, they wrote, “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.”
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