Deutsche Bank to pay $75 million to settle lawsuit by Epstein accusers
The Hindu
Deutsche Bank AG has agreed to pay $75 million to settle a lawsuit by women who say they were abused by the late financier Jeffrey Epstein, and accused the German bank of facilitating his sex trafficking.
Deutsche Bank AG has agreed to pay $75 million to settle a lawsuit by women who say they were abused by the late financier Jeffrey Epstein, and accused the German bank of facilitating his sex trafficking.
The accord resolves claims in a proposed class action in Manhattan federal court by Epstein's accusers, and was confirmed by their lawyers late on Wednesday. Court approval is required.
Epstein had been a Deutsche Bank client from 2013 to 2018. He died in August 2019 in jail while awaiting trial for sex trafficking, in what New York City's medical examiner called a suicide.
The Wall Street Journal reported the settlement earlier and said the bank did not admit wrongdoing, citing people familiar with the matter.
Deutsche Bank spokesman Dylan Riddle declined to discuss the accord, but referred to a 2020 statement in which the bank acknowledged error in making Epstein a client.
He also said Deutsche Bank has invested more than 4 billion euros to bolster its controls, processes and training, and hired more people to fight financial crime.
David Boies, one of the accusers' lawyers, said in a statement that Epstein's abuses "could not have happened without the collaboration and support of many powerful individuals and institutions. We appreciate Deutsche Bank's willingness to take responsibility for its role."
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