The women who have accused Jeffrey Epstein of sexual abuse and assault are suing Deutsche Bank and JPMorgan.
Pre-chewed and spit just for your convenience:
Women who have accused Jeffrey Epstein of sexual abuse are suing Deutsche Bank AG and JPMorgan Chase & Co. The women say that the banks helped Epstein traffic people for sexual purposes and ignored warning signs about their clients.
The two lawsuits are looking for class-action status and want an unspecified amount of money. They were both filed by lawyers who have represented many of Epstein’s accusers. These lawsuits were filed in federal court in New York on Thursday.
One of the lawyers representing Epstein’s victims said, “It is time for the real enablers to be held responsible, especially his wealthy friends and the financial institutions that played an integral role.” He added, “These victims were wronged by many, not just Epstein. He did not act alone.”
A Deutsche Bank spokesman said they believe the lawsuit lacks merit and will argue their case in court. JPMorgan also declined to comment.
The Deutsche Bank suit cites many of the findings from an investigation by New York state’s financial regulator into that bank’s relationship with Epstein. The JPMorgan suit cites the relationship between Epstein and a former top JPMorgan executive that was investigated by U.K. regulators.
The lawsuit against Deutsche Bank claims that the bank had “actual knowledge” of Epstein’s alleged sex trafficking and money laundering activities. It also states that the bank should have known that these activities were illegal, but chose to turn a blind eye in order to keep Epstein as a client. The lawsuit accuses Deutsche Bank of ignoring multiple red flags about Epstein and failing to investigate his accounts.
The lawsuit against JPMorgan similarly accuses the bank of aiding and abetting in Epstein’s alleged sex trafficking activities. It claims that JPMorgan knew or should have known about these illegal activities but chose to ignore them in order to keep Epstein as a long-term client.
Both lawsuits accuse the banks of violating the Trafficking Victims Protection Act, which prohibits any person or entity from aiding in the commission of a sex trafficking crime. The lawsuits also claim that the banks breached their duties as fiduciaries to their clients by failing to protect them from harm.
The women who have filed these suits hope to hold Deutsche Bank and JPMorgan accountable for their role in Epstein’s alleged crimes. They are asking for damages, an injunction against the banks, and that all profits made from the Epstein accounts be surrendered.
The lawsuits come more than a year after Jeffrey Epstein was arrested on sex trafficking charges in July 2019. He died of apparent suicide in August 2019 while awaiting trial. Many of his accusers have now turned their attention to those who allegedly enabled his criminal activities. These lawsuits against Deutsche Bank and JPMorgan will hopefully bring some much-needed closure for Epstein’s victims.
While the banks have not yet commented on the suits, both have stated previously that they had no knowledge of any illegal activity conducted by Jeffrey Epstein. It remains to be seen whether the courts will find that these banks were complicit in Epstein’s alleged crimes.
The Jeffrey Epstein scandal has shaken the financial world and cast a light on the responsibilities of banks to protect clients from harm. These lawsuits against Deutsche Bank and JPMorgan could have far-reaching implications for how financial institutions handle high-profile clients, particularly those with a history of criminal behavior.
Only time will tell if the suits against Deutsche Bank and JPMorgan will result in justice for Epstein’s victims. It is clear, however, that these lawsuits have the potential to change how banks evaluate and monitor their clients’ activities going forward.