Deutsche Bank has agreed a $75 million settlement with the victims of Jeffrey Epstein who accused the bank of facilitating the child sex trafficker’s illegal activity.

Lawyers representing women who had accused the late Epstein confirmed the settlement on Wednesday, resolving claims in a class action lawsuit in Manhattan federal court – though court approval is required to approve the settlement.

Deutsche Bank counted Epstein as a client between 2013 and 2018, five years after he had already plead guilty to state charges of soliciting prostitution and soliciting prostitution from someone under the age of 18.

One of the lawyers for the accusers, David Boies, said that the abuse "could not have happened without the collaboration and support of many powerful individuals and institutions. We appreciate Deutsche Bank's willingness to take responsibility for its role."

The bank did not comment on the settlement, but a spokesperson referred to a 2020 statement in which it acknowledged error in making Epstein a client. The spokesperson noted that the bank has invested more than €4 billion to enhance its processes and training, and that it has hired more people to tackle financial crime.

US bank JPMorgan Chase faces larger lawsuits from Epstein’s accusers and from the US Virgin Islands where he had a home. Epstein was a JPMorgan client from 1998 to 2013, during his 2008 guilty plea and during the alleged height of his sex trafficking activity.

It remains unclear how the settlement will impact this case.

JPMorgan is separately suing former private banking chief Jes Staley – also formerly of Barclays – for allegedly turning a blind eye to Epstein due to their friendly relationship during his time at the bank.

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