Deutsche Bank AG has agreed to pay $75 million to settle a proposed class-action lawsuit alleging the lender facilitated the late Jeffrey Epstein’s sex-trafficking ring. The settlement was reported by Wall Street Journal on Wednesday, citing lawyers who sued Deutsche Bank on behalf of alleged victims.
The lawsuit accused Deutsche Bank of knowing that Epstein was using his accounts at the bank for illegal activities and failing to take action or alert authorities about it. It also claimed that some employees were aware of suspicious transactions in his account but failed to report them as required by law.
The settlement will provide compensation for victims who suffered physical and psychological harm due to their involvement with Epstein’s criminal enterprise, according to one lawyer involved in the case against Deutsche Bank. The money is expected to be distributed among those affected within two years after court approval is granted, which could come later this year or early 2021 depending upon how quickly documents are filed and processed through court systems around the world.
This marks yet another step forward in holding financial institutions accountable for their role in facilitating crimes like human trafficking and sexual abuse – something that has been largely overlooked until recently when more attention began being paid to such issues.