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Deutsche Bank will pay $113 million to victims of Jeffrey Epstein

Deutsche Bank has agreed to pay $US75 million ($113 million) to sexual abuse victims of Jeffrey Epstein to settle a lawsuit filed last year in New York City, according to the lawyers for the victims.

The settlement, which must be approved by a federal judge, would resolve a proposed class-action suit that alleged the bank had helped enable the disgraced financier’s sex trafficking of young women by missing warning signs in Epstein’s accounts that he was engaged in wrongdoing.

Deutsche Bank took Epstein on as a client after JPMorgan Chase, which had been his primary bank for roughly 15 years, stopped doing business with him.

Jeffrey Epstein in a court appearance in 2008.

Jeffrey Epstein in a court appearance in 2008.Credit: AP

Dylan Riddle, a spokesperson for the German bank, declined to comment on any proposed settlement. But in a statement, Riddle said the bank “has made considerable progress in remedying a number of past issues,” while investing in bolstering its internal controls.

David Boies and Brad Edwards, the lawyers for the women who brought the case, said $US75 million would be made available to the more than 125 victims of Epstein who previously obtained payouts from a restitution fund established by his estate after his death in 2019.

Boies and Edwards, who work at separate firms, said in a joint statement: “This groundbreaking settlement is the culmination of two law firms conducting more than a decade-long investigation to hold one of Epstein’s financial banking partners responsible for the role it played in facilitating his trafficking organisation.”

News of the settlement was reported earlier by The Wall Street Journal.

Epstein’s estate established the restitution fund several months after he died by suicide while he was in federal custody awaiting trial on sex trafficking charges.

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