Deutsche Bank has received final approval from a US judge for a $75 million settlement with the victims of Jeffrey Epstein who accused the German company of facilitating his alleged sex trafficking. This news comes after preliminary approval was granted in June and the settlement was finalized during a court hearing in Manhattan.
Judge Jed Rakoff, who presided over the case, praised the settlement as “terrific” during the court hearing.
Deutsche Bank did not admit any wrongdoing as part of the settlement.
The settlement covers women who were sexually abused or trafficked by Epstein or his associates between August 19, 2013, and his death in 2019. Epstein was awaiting trial on charges of sex trafficking when he died in a Manhattan jail.
Epstein’s death was ruled a suicide by the New York City medical examiner.
The lead plaintiff, known as Jane Doe 1, accused Deutsche Bank of missing signs of Epstein’s abuses. Epstein had been a client of the bank from 2013 to 2018, following 15 years of being a client of JPMorgan Chase.
Deutsche Bank admitted to making an error in accepting Epstein as a client.
The lawyers representing the victims will receive a fee of 30% of the settlement amount.
David Boies, one of the lawyers involved in the case, stated that this situation should serve as a wake-up call for banks to be more vigilant about their clients.
In a separate case, JPMorgan reached preliminary approval for a $290 million settlement over similar claims, with a final approval hearing scheduled for November 9.
JPMorgan also faced a lawsuit from the US Virgin Islands, where Epstein owned private islands, and agreed to pay $75 million to settle those claims last month.
JPMorgan has expressed regret for its association with Epstein.
