Groundbreaking Decision: US Judge Approves Unprecedented $75 Million Settlement with Epstein Accusers
US judge grants final approval to Deutsche Bank's $75 million settlement with Jeffrey Epstein's accusers, validating their claims of the German bank's involvement in facilitating the late financier's alleged sex trafficking
Deutsche Bank secured final approval from a US judge on Friday for a $75 million settlement it had reached with victims of Jeffrey Epstein. The victims had accused the German company of aiding the alleged sex trafficking activities of the deceased financier. US District Judge Jed Rakoff, who had previously granted preliminary approval for the agreement in June, officially endorsed the settlement during a court hearing in Manhattan.
"This is, in the courts view, a terrific settlement," Rakoff said in court.
The bank did not acknowledge any wrongdoing as part of the settlement.
The agreement encompasses women who have reported instances of sexual abuse or trafficking by Epstein or his associates between August 19, 2013, and his demise in a Manhattan correctional facility six years later, while he awaited trial for criminal charges related to the exploitation of young women and teenage girls for sexual purposes.
Epstein's death in a New York City jail was determined to be a suicide by the medical examiner.
Jane Doe 1, the woman leading the lawsuit, has alleged that she was sexually abused by Epstein for a period of 15 years, from 2003 to 2018. In addition, she has accused Deutsche Bank of failing to recognize warning signs of Epstein's abusive behavior. Epstein had been a client of JPMorgan Chase for 15 years before becoming a client of Deutsche Bank from 2013 to 2018. Deutsche Bank has admitted its error in accepting Epstein as a client.
Rakoff granted the lawyers representing the women a fee approval of 30% of the settlement amount. Following the hearing, attorney David Boies expressed that the case served as a wake-up call for banks, emphasizing the importance of maintaining a thorough understanding of their clients.
Rakoff preliminarily approved the $290 million settlement of New York-based financial services company JPMorgan in June, concerning similar claims. The final approval hearing for that case is scheduled for Nov. 9.
Additionally, JPMorgan faced a lawsuit from the US Virgin Islands, where Epstein owned two private islands, regarding allegations that the bank assisted Epstein. Last month, JPMorgan agreed to a $75 million settlement to resolve those claims.
JPMorgan has said it regrets its association with Epstein.
