WEST PALM BEACH, Fla. — Deutsche Bank has agreed to pay out $75 million to Jeffrey Epstein's accusers.
Lawyers for the two women who claimed to be victims of Epstein's sex trafficking ring point said the bank ignored several red flags, claiming "Deutsche Bank either knew or should have known that Epstein used his Deutsche Bank accounts to power his sex-trafficking operation."
In the proposed class-action suit, lawyers for two Jane Does added "that Deutsche Bank concealed its delivery of hundreds of thousands of dollars in cash to Epstein and his associates by willfully failing to file suspicious activity reports."
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According to court papers Deutsche Bank "overlooked warnings that Epstein was involved in sex trafficking because of the 'number of sizable deals' that Deutsche Bank obtained through its relationship with Jeffrey Epstein."
Deutsche Bank attorneys countered claiming they "had no duty to prevent Jeffrey Epstein from harming either Jane Doe, nor did they acquire any duty of care from their banking relationship with Epstein."
They also added that "they neither knew nor should have known that their services contributed to the abuse of the Jane Does."
West Palm Beach attorney Greg Morse said Deutsche Bank settled even though the lawyers for the alleged victims had a tough case.
"Banks want deposits and Jeffrey Epstein presented them a rich man," Morse said. "So, the bank's going to do whatever it can to get those deposits, but do they really know what he was doing on the side? I don't know about that."
The Wall Street Journal reported Deutsche Bank did not admit wrongdoing in the settlement.
"The bank is benefiting in two ways by settling now," Morse added. "It's avoiding legal fees by protracted litigation, and also the non-admission of liability."
The settlement still needs a judge's approval. A proposed class action suit against JP Morgan Chase on similar grounds remains active.
