Deutsche Bank AG will pay $75 million to settle a proposed class-action lawsuit claiming it aided Jeffrey Epstein’s sex-trafficking ring, the Wall Street Journal reported Wednesday night.
The suit was filed by lawyers on behalf of an anonymous victim and others who accused the financier, who died by suicide in federal lockup in 2019, of sexual abuse and trafficking. The suit claimed Deutsche Bank ignored red flags and did business with Epstein for five years despite knowing he was using the money from his accounts to further his sex trafficking.
Dozens of accusers are expected to be compensated by the settlement, the Journal said.
Neither Deutsche Bank nor the law firms involved in the case immediately responded to a MarketWatch email Wednesday night seeking confirmation or comment.
The German bank managed Epstein’s money for years, and did not cut ties with him until June 2019, more than a decade after Epstein pleaded guilty to sex crimes and registered as a sex offender, according to a 2019 Wall Street Journal report.
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