On Friday, a U.S. judge granted preliminary approval to the $75 million settlement between Deutsche Bank AG DB and the victims of convicted sex offender Jeffrey Epstein.
The victims had alleged that Epstein's sex-trafficking enterprise could not have "existed or flourished" without the bank's collaboration.
According to a report by Reuters, U.S. District Judge Jed Rakoff in Manhattan said the settlement appeared "fair, reasonable, and adequate." The judge scheduled an Oct. 20 hearing to consider final approval.
The court settlement covers women sexually abused or trafficked by Epstein or his associates from Aug. 19, 2013 until his suicide in a Manhattan jail in 2019, reports Reuters.
The lawsuit against the bank was led by a victim known as Jane Doe 1, who said Epstein sexually abused her from 2003 to 2018 and accused Deutsche Bank of missing red flags of his abuses.
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Last week, JPMorgan Chase & Co JPM also reached a $290 million settlement in principle with Epstein's victims.
The U.S. Virgin Islands sued the bank for facilitating Epstein's sex-trafficking scheme and helping him to cover it up.
JPMorgan, however, blamed top U.S. Virgin Islands officials, saying they looked away from Epstein's crimes in exchange for cash and perks.
Epstein was indicted and imprisoned in July 2019 on federal charges of operating a sex trafficking ring. Before his trial began, he was found dead in a Manhattan jail in August 2019. His death was ruled a suicide by a New York City medical examiner.
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