Jeffrey Epstein started banking with Deutsche Bank in 2013 after JPMorgan Chase closed his accounts.

New York, United States:

Deutsche Bank pays $75 million to settle litigation alleging the German lender financially benefited from supporting Jeffrey Epstein’s intercourse trafficking scheme, in keeping with a report Wednesday.

The settlement issues an unnamed defendant who launched a proposed class-action go well with in November 2022, alleging Deutsche Bank did enterprise with Epstein whereas figuring out he used funds within the account to assist sex-trafficking exercise, the Wall Street Journal mentioned Wednesday.

The Journal, citing individuals acquainted with the matter, mentioned Deutsche Bank didn’t admit wrongdoing.

A Deutsche Bank spokesperson declined remark.

Deutsche Bank benefited financially by supporting Epstein’s “sex trafficking organization to successfully rape, sexually assault and coercively sex traffic Plaintiff Jane Doe 1 and the numerous other members of the Class,” mentioned the unique criticism, which was filed in US courtroom in New York.

Epstein, an American financier who killed himself in 2019 whereas awaiting trial for intercourse crimes, started banking with Deutsche Bank in 2013 after JPMorgan Chase closed his accounts, the Journal reported.

An unidentified girl — apparently the identical as within the Deutsche case — and the US Virgin Islands introduced separate fits in opposition to JPMorgan late final 12 months, accusing the financial institution of facilitating Epstein’s crimes by ignoring warnings and persevering with to maintain him as a consumer till 2013.

According to courtroom paperwork, subpoenas in these instances have focused a number of well-known individuals whom Epstein presumably referred to JPMorgan as purchasers, together with Elon Musk and Google co-founder Larry Page.

The financial institution has denied the allegations, and has filed its personal go well with in opposition to a former government for his ties to Epstein.

Deutsche Bank in July 2020 agreed to pay $150 million to settle allegations introduced by the New York Department of Financial Services for compliance failures related to the financial institution’s work for Epstein.

“We acknowledge our error of onboarding Epstein in 2013 and the weaknesses in our processes, and have learnt from our mistakes and shortcomings,” Deutsche Bank mentioned in July 2020.

Epstein was convicted in Florida in 2008 of paying younger women for massages, however served simply 13 months in jail beneath a secret plea deal.

Later going through fees of trafficking underage women for intercourse, he killed himself in a New York jail in August 2019.

(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)