TOPLINE
JPMorgan Chase and Deutsche Bank have been accused of profiting from and facilitating the sexual abuse of young women and girls by late financier Jeffrey Epstein, according to two lawsuits filed on Thursday, the latest effort to target the people and institutions surrounding Epstein as New York opens up a one-year window for adult sex abuse victims to file cases normally considered too old to pursue.
KEY FACTS
The lawsuits, filed in New York federal court on behalf of two different unnamed women who accused Epstein of sexual abuse, claimed Deutsche Bank and JPMorgan Chase benefited from Epstein’s alleged sex trafficking and looked the other way “in order to churn profits.”
JPMorgan Chase benefited from Epstein’s alleged sex trafficking from 1998 through August 2013, the lawsuit alleged, which said the bank kept Epstein on as a client after he registered as a lifetime sex offender in 2008 despite executives recommending the bank cut ties because he was “too valuable” to let go.
Deutsche Bank played “an essential role” in Epstein’s sex-trafficking operation from around 2013 through 2018, the other lawsuit alleged, claiming the bank “knowingly participated” by enabling Epstein to pay victims.
Deutsche Bank ultimately earned millions from helping Epstein’s alleged sex-trafficking operation, the lawsuit alleged.
Both lawsuits are seeking unspecified damages and seek class action status.
JPMorgan Chase declined to comment on the matter and Deutsche Bank told Forbes it believes the claim “lacks merit” and it will present its case in court.
KEY BACKGROUND
The cases draw attention to the network surrounding Epstein and the sprawling trafficking operation he allegedly spearheaded. Such cases have come into renewed focus following the financiers death by suicide in a New York prison in 2019—he was awaiting trial on sex-trafficking charges—and, in light of his death, offer insights into his actions that might otherwise be unattainable. Epstein’s network was wide, influential, and famous, ranging from high-ranking member of British royalty Prince Andrew, former presidents Donald Trump and Bill Clinton and financial and business elites. The role of Wall Street institutions in Epstein’s alleged operations has repeatedly come under scrutiny. In late 2021, Barclays chief executive Jes Staley stepped down from his role at the bank after U.K. regulators examined his relationship with Epstein while working at JPMorgan.
TANGENT
British socialite Ghislaine Maxwell, Epstein’s former girlfriend, is one of the more high profile cases linked with the late financier’s abuse to reach the court. Maxwell was sentenced to 20 years in prison following multiple convictions for sex trafficking and grooming girls for Epstein. Maxwell’s legal team argued she should not be sentenced as a “proxy” for Epstein and she maintains her innocence after pleading not guilty.
WHAT TO WATCH FOR
New York’s Adult Survivors Act came into force on Thursday. It allows adult victims of sexual abuse one year to file lawsuits over sex crimes, waiving the normal deadlines and time limits for such cases. It is expected to bring about hundreds of cases. Former President Donald Trump has already been sued through this window by writer E. Jean Carroll.
FURTHER READING
By Robert Hart, Forbes Staff