Last week, two women who have accused Jeffery Epstein of sexual abuse filed lawsuits against Deutsche Bank and JP Morgan chase, separately, in the U.S. District Court for Southern District of New York. The women, who remain anonymous in court documents, allege that the big banks not only financially benefited from Epstien’s sex trafficking activities but provided “the requisite financial support for the continued operation” of his criminal organization. The filings argue that by financially contributing to his illegal activity, JPMorgan and Deutsche violated the Racketeer Influenced and Corrupt Organizations Act (RICO), a federal law designed to target organized crime.
In the lawsuit against JP Morgan Chase, they accuse the financial institution of providing “special treatment to the sex-trafficking venture, thereby ensuring its continued operation and sexual abuse and sex-trafficking of young women and girls.” Also claiming that “without the financial institution’s participation, Epstein’s sex trafficking scheme could not have existed.” In the lawsuit against Deutsche Bank, the plaintiffs claim that “once JP Morgan started separating themselves from Epstien in 2013, Deutsche Bank became the bank that Epstien needed to fund his sexual abuse and sex-trafficking operation.” They continue that “knowing that they would earn millions of dollars from facilitating Epstien’s sex-trafficking, and from its relationship with Epstien, Deutsche Bank chose profit over following the law. Specifically, Deutsche Bank chose facilitating a sex trafficking operation in order to churn profits.”
They also allege that Deutsche ignored red flags including multiple payments to young women and large cash withdrawals. In 2020, Deutsche Bank was fined $150 million and admonished by New York regulators for its mistakes and sloppiness in their relationship with Epstien. The regulators stated that as soon as Epstien became their client, the bank was repeatedly made aware of the past accusations against him and his alleged accomplices. At the time, Deutsche acknowledged their “error of onboarding Epstien in 2013” and the “weaknesses in their processes,” and have learned “from their mistakes and shortcomings.” However, in response to the new filings, Deutsche said “We believe this claim lacks merit and will present our arguments in court.” JP Morgan Chase has declined to comment.
These suits come upon the heels of the New York Adult Survivors Act, which allotted a one year period where victims can file claims against their abusers, when the statute of limitations has otherwise expired. In a separate case filed in June, the court ruled that a lawsuit against Deutsche Bank by its investors, for internal control failures and conducting risky business with figures like Epstein, can proceed to trial. The plaintiffs have not specified an amount in damages and instead are seeking a determination by a jury in trial.
Read the original articles here: Epstein accusers sue JP Morgan and Deutsche Bank, claiming banks benefited from sex trafficking operation | CNN Business; Women sue Deutsche Bank, JPMorgan over Epstein ties | Reuters