Mr. Boies and Mr. 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 organization.”
News of the settlement was reported earlier by The Wall Street Journal.
Mr. 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.
The fund has paid out more than $125 million to his victims — many of whom were teenage girls when they were abused by Mr. Epstein. In addition, the estate has paid about $20 million in settlements to other victims who did not seek awards from the restitution fund.
The tentative settlement closes another chapter in Deutsche Bank’s relationship with Mr. Epstein, which began in 2013 and continued up until late 2018. In 2020, Deutsche Bank, which is based in Frankfurt, agreed to pay $150 million to New York regulators to settle claims that the bank repeatedly overlooked suspicious transactions involving Mr. Epstein and ignored obvious red flags about his activities.
Deutsche Bank took Mr. Epstein on as a client after JPMorgan Chase, which had been his primary bank for roughly 15 years, stopped doing business with him. The lawyers for the victims have sued JPMorgan, claiming it too ignored warning signs about Mr. Epstein and benefited financially from his sex trafficking operation.