Profited from sex trafficking?
Deutsche Bank wants to settle Epstein trial
05/18/2023 3:28 p.m
The allegations weigh heavily: Did Deutsche Bank actually benefit financially from the late hedge fund manager Jeffrey Epstein’s sex trafficking ring? In a lawsuit, the bank is now willing to make a settlement payment of $75 million.
Deutsche Bank will pay $75 million in a lawsuit over deals with sex offender Jeffrey Epstein, according to a report. The settlement is intended to settle a dispute in which the financial institution is accused of profiting financially from Epstein’s sex trade, the Wall Street Journal reports.
The settlement follows a class-action lawsuit alleging that Deutsche Bank continued to do business with Epstein despite knowing he was using funds in the bank accounts for his underage sex trafficking network, according to the newspaper. As the “Wall Street Journal” reports, citing people familiar with the matter, Deutsche Bank has not admitted to any wrongdoing.
Dylan Riddle, a spokesman for Deutsche Bank, declined to comment on the settlement. But he said the bank had invested more than four billion euros to improve controls, training and operations, and increased the number of its staff dedicated to fighting financial crime. In recent years, the bank has made “significant progress” in fixing a number of past problems, he added.
Epstein is said to have sexually abused underage girls and young women and incited them to prostitution for years. The multi-millionaire was convicted of sex crimes in 2008 but only served 13 months in prison under a controversial deal with prosecutors. In August 2019, after being arrested again, he was found dead in his New York jail cell. According to the authorities, the 66-year-old took his own life.
The very rich investor had been associated with well-known figures from politics and society such as former US Presidents Bill Clinton and Donald Trump and Microsoft founder Bill Gates for years. Britain’s Prince Andrew is also involved in the Epstein case.