Epstein's Victims See Justice: Deutsche Bank to Shell Out $75 Million in Historic Settlement
In a move marking a significant milestone in the aftermath of the Jeffrey Epstein scandal, Deutsche Bank has reportedly agreed to pay $75 million in an out-of-court settlement. The lawsuit, filed by one of Epstein's victims, accused the bank of financing Epstein's international sex trafficking operation, as reported by RadarOnline.com.
The decision from the German-based bank to pay the hefty settlement to the victim, referred to as DB Jane Doe, comes only weeks after U.S. District Court Judge Jed S. Rakoff ruled that Deutsche Bank could indeed be held accountable for the lawsuit.
News of the settlement was unveiled by leading law firms Bois Schiller Flexner and Edwards Pottinger, which referred to the $75 million payout as the "largest settlement of its kind against a bank." The settlement was first reported by the Wall Street Journal.
The law firms announced, "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 case was among three interrelated claims against Deutsche Bank and JPMorgan Chase. Both institutions maintained multiple accounts for Epstein, despite awareness of his status as a registered child sex offender following a 2008 conviction in West Palm Beach, Florida.
Lawsuits against JPMorgan were filed by another victim, referred to as Jane Doe 1, and the U.S. Virgin Islands (USVI) government, where Epstein owned a notorious residence often referred to as "Pedophile Island."
Despite attempts by both Deutsche Bank and JPMorgan to have the lawsuits dismissed, Judge Rakoff penned a blistering 54-page ruling stating that the evidence suggested that the banks' executives willingly ignored Epstein's operation to benefit from the fees they could earn.
The judge explained, "Plaintiffs allege that both JP Morgan and Deutsche Bank went well beyond merely providing their usual services to Jeffrey Epstein and his affiliated entities." He added, "Such constructive knowledge plausibly makes harm to plaintiffs and other victims of Epstein’s sex-trafficking a ‘natural and foreseeable’ consequence of the actions of JP Morgan and Deutsche Bank."
Court filings also revealed that after JPMorgan closed Epstein's account in 2013, former executive Paul Morris switched to Deutsche Bank, allegedly funneling Epstein's funds, totaling $110 million, to his new employer. DB Jane Doe alleged that Deutsche Bank willingly took over from JPMorgan, ignoring repeated internal warnings about Epstein's past and suspicious transactions. The lawsuits against JPMorgan remain ongoing.
Epstein, infamously found dead in his New York jail cell in August 2019 while awaiting trial for sex trafficking charges, had allegedly supplied underage girls to powerful politicians and businessmen between 2002 and 2005. His time in custody was brief, lasting only one month.