Deutsche Bank AG has reached a $75 million settlement in a lawsuit brought by the victims of notorious sex offender Jeffrey Epstein. Prosecutors allege that the bank facilitated Epstein’s sexual exploitation and human trafficking by providing him with financial services from 2013 to 2018.
Suicide in prison cell
The late billionaire, who committed suicide in his prison cell in 2019, used his bank account at Deutsche Bank to pay settlements to law firms, transfer money to women in Eastern Europe and withdraw approximately $800,000 during this time. Banks are required by law to intervene in suspicious transactions, a responsibility that prosecutors say Deutsche Bank has violated.
“Finally, dozens of Jeffrey Epstein survivors can try to restore their faith in our system, knowing that those who facilitated Epstein’s abuse and trafficking will be held accountable,” said one of the attorneys handling the case.
Child Abuse in Florida
Epstein was already convicted of child molestation in Florida in 2008, but a deal with justice gave him a light sentence. Despite his status as a sex offender, Deutsche Bank decided to take him on as a client. The bank was already fined $150 million in 2020 by US regulators for insufficient supervision, including of Epstein’s financial transactions.
J. P. Morgan Chase
Meanwhile, JP Morgan Chase is also facing a similar lawsuit filed by another victim of Epstein, who was a client of this bank from 1998 to 2013. Most recently, the U.S. Virgin Islands government subpoenaed Elon Musk in connection with this case, seeking to investigate all communications between Musk and JP Morgan related to Epstein. The exact relationship between Musk and Epstein remains unclear. Authorities say JP Morgan may have missed important warning signs about Epstein’s abusive practices, an accusation the bank denies.