The connections to sex offender Jeffrey Epstein become Deutsche Bank's undoing. After the money house had to pay millions after processes, new legal disputes are now threatening. Americans accuse the bank of "support and complicity" in Epstein's machinations.
Deutsche Bank is facing new lawsuits in the United States over its dealings with sex offender Jeffrey Epstein. Several women who had accused Jeffrey Epstein of sexual abuse accused the money house and JPMorgan Chase of having benefited financially from the late hedge fund manager. Two separate lawsuits were filed in a federal district court in New York with the aim of having them classed as class actions.
A Deutsche Bank statement 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 machinations 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.
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 employees in 2020. In July 2020, investors filed class action lawsuits against the institution, alleging that the bank made false and misleading statements. Deutsche Bank had to pay a $150 million fine. 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.
