Deutsche Bank Pays 75 Million Dollar Settlement to Epstein Victims
Deutsche Bank agrees to pay 75 million dollars to settle civil claims brought by Jeffrey Epstein victims, following the New York DFS fine of 150 million dollars issued in 2020. The bank had maintained Epstein accounts from 2013 to 2019.
People Involved
In 2023, Deutsche Bank agreed to a 75 million dollar civil settlement with victims of Jeffrey Epstein, resolving claims that the bank had facilitated his financial operations despite clear warning signs. The settlement came years after the New York Department of Financial Services fined Deutsche Bank 150 million dollars in 2020 for anti-money laundering failures related to the Epstein relationship.
Deutsche Bank had maintained accounts for Epstein from approximately 2013when he was exited from JPMorganthrough 2019, when it closed the accounts following Epstein’s arrest. The DFS found that Deutsche Bank employees processed hundreds of transactions totaling millions of dollars despite compliance flags and public knowledge of Epstein’s 2008 conviction.
The case established an important precedent for financial institution liability in trafficking cases: banks that knowingly maintain relationships with convicted sex offenders and process suspicious transactions may face civil liability to victims.