Deutsche Bank will pay up to US$75mln to settle a lawsuit that the German lender benefitted from retaining sex trafficker Jeffrey Epstein as a client.
An unnamed woman bringing the claim, who said she was abused by the now deceased Epstein, first filed the action in November, according to the FT, after New York relaxed the statute of limitations for sexual abuse claims.
She claimed Deutsche Bank “chose profit over following the law” and that it knew it would “earn millions” from facilitating Epstein’s sex ring.
Dozens of women may share the damages award, with claimants getting as much as US$5mln each, the FT said, citing people familiar with the matter.
Two other lawsuits involving the former accountant are still open against JPMorgan Chase over its relationship with Epstein, put forward by an alleged victim and the US Virgin Islands, where Epstein resided.
JPMorgan brought its own legal case against former executive Jes Staley, accusing him of lying about his relationship with Epstein.