For its connections to infamous businessman and convicted sex offender Jeffrey Epstein, Deutsche Bank faces a $75 million payment. The victims of Epstein’s misdeeds will get the recompense.
In a federal complaint, sex trafficking victims claim that Deutsche Bank allowed and profited from Jeffrey Epstein’s acts while he was a client. Allegedly, because to Epstein’s riches and influence, Deutsche Bank emphasized their relationship with him above the indicators that he was engaging in human trafficking.
Through a recent deal, victims of Deutsche Bank’s suspected complicity in sex trafficking will get compensation. Payments for less severe situations vary from $75,000 to $5 million for people who suffered the most serious injury. This case raises serious concerns since it reveals possible regulatory shortcomings in the banking sector.
Boies Schiller Flexner and Edwards Pottinger said together, “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.”
These companies specialize in high-stakes litigation and have experience in antitrust and white-collar defense. They just reached a settlement in a case, but similar charges against financial institutions continue to surface, so be alert.
“We believe that this historic resolution stands for both justice and accountability as this is likely the largest sex-trafficking settlement involving a banking institution in U.S. history,” To FOX Business, Edwards Pottinger LLC sent a letter.
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According to Fox Business:
According to the Associated Press, a German lender was sued for dismissing Epstein’s proof of sex trafficking. The bank should have been aware of the circumstance when he was a client, according to the victims’ attorneys. When Epstein passed away in jail in August 2019, the New York City medical examiner determined that he committed suicide. His sex trafficking trial was still ongoing at the time.
Jane Doe sues the bank in federal court in New York to demand compensation for Epstein’s victims. Request for class-action status.
According to the lawsuit, the bank “chose profit over following the law” and intentionally benefitted from Epstein’s sex trafficking.
Regarding payment specifics, Deutsche Bank alluded to a 2020 statement in which they acknowledged their error in accepting Epstein as a customer. The bank has increased personnel numbers and invested over $4 billion to improve controls, procedures, and training in order to prevent financial crime.
