New US lawsuits against Deutsche Bank over Epstein deals

Deutsche Bank

Epstein was a Deutsche Bank client from August 2013 to December 2018.

(Photo: IMAGO/Schöning)

new York Deutsche Bank is facing new lawsuits in the United States over its dealings with sex offender Jeffrey Epstein. A group of unnamed women accused the money house and JPMorgan Chase on Thursday of profiting financially from the late hedge fund manager who was accused of sexually exploiting young people.

Two separate lawsuits were filed in a federal district court in New York with the aim of having them classed as class actions. A statement from Deutsche Bank said, “We believe this allegation is unfounded and will present our arguments in court.” JPMorgan declined to comment.

The plaintiffs’ names are not listed in the court filings. They accuse the banks of providing the necessary financial support for Epstein’s human trafficking schemes for the purpose of sexual exploitation – referred to as “sex trafficking” in US criminal law.

This “support and complicity” gave Epstein a semblance of legitimacy and special treatment. Through their actions, the banks would have ensured the continuation of Epstein’s venture and with it the continued sexual abuse of young women and girls.

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Epstein pleaded guilty in 2008 to forcing a minor into prostitution. He was sentenced to 18 months in prison. Arrested again on sex trafficking allegations, he committed suicide in custody in August 2019, aged 66.

Epstein was a Deutsche Bank client from August 2013 to December 2018. “It was a serious mistake that we accepted him as a customer in 2013 – it should never have happened,” wrote CEO Christian Sewing to the employees in 2020. In July 2020, investors filed class action lawsuits against the institution, alleging that the bank had made false and misleading statements.

In September 2022, a settlement of around $26 million was paid in connection with the Epstein case and Russian oligarchs. Deutsche Bank denied any wrongdoing.

More: Deutsche Bank settles $26 million in US lawsuit

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