Deutsche Bank Agrees to $75 Million Settlement in Lawsuit Over Jeffrey Epstein’s Abuse

Deutsche Bank has reached a $75 million settlement in a lawsuit filed by women who claimed they were victims of sexual abuse by financier Jeffrey Epstein, Jonathan Stempel reports for Reuters. The settlement resolves a proposed class action and accusations that the German bank facilitated Epstein’s sex trafficking. Epstein, a former client of Deutsche Bank, died in jail in 2019 while awaiting trial for sex trafficking charges. The settlement still needs approval by U.S. District Judge Jed Rakoff. Similar lawsuits against JPMorgan Chase & Co, where Epstein was also a client, remain unresolved. Deutsche Bank has taken responsibility for its error in accepting Epstein as a client and has made significant investments to strengthen its controls and has been strategically hiring to combat financial crime.