Connect with us

World

Deutsche Bank to pay $75 mln to settle lawsuit by Jeffrey Epstein accusers


Deutsche Bank AG has agreed to pay $75 million to settle a lawsuit by women who say they were abused by the late financier Jeffrey Epstein, and accused the German bank of facilitating his sex trafficking.

The accord resolves claims in a proposed class action in Manhattan federal court by Epstein’s accusers, and was confirmed by their lawyers late on Wednesday. Court approval is required.

For all the latest headlines follow our Google News channel online or via the app.

Epstein had been a Deutsche Bank client from 2013 to 2018. He died in August 2019 in jail while awaiting trial for sex trafficking, in what New York City’s medical examiner called a suicide.

The Wall Street Journal reported the settlement earlier and said the bank did not admit wrongdoing, citing people familiar with the matter.

Deutsche Bank spokesman Dylan Riddle declined to discuss the accord, but referred to a 2020 statement in which the bank acknowledged error in making Epstein a client.

He also said Deutsche Bank has invested more than 4 billion euros to bolster its controls, processes and training, and hired more people to fight financial crime.

David Boies, one of the accusers’ lawyers, said in a statement that Epstein’s abuses “could not have happened without the collaboration and support of many powerful individuals and institutions. We appreciate Deutsche Bank’s willingness to take responsibility for its role.”

The law firms Boies Schiller Flexner and Edwards Pottinger represent Epstein’s accusers. A trial had been scheduled for Sept. 5.

JPMorgan impact

It wasn’t immediately clear how the settlement might affect JPMorgan Chase & Co, which faces similar but larger lawsuits by Epstein’s accusers and by the US Virgin Islands, where the financier had a home.

Epstein was a JPMorgan client from 1998 to 2013, a period when he allegedly trafficked many more women and girls. Court papers have outlined many details about the bank’s alleged ignoring or turning a blind eye to Epstein’s activities.

JPMorgan did not immediately respond to requests for comment outside business hours.

It is separately suing Jes Staley, a former private banking chief who had been friendly with Epstein, to help cover its losses in the two lawsuits it faces.

Staley is also a former Barclays Plc chief executive. Tesla Inc’s Elon Musk is among those who have been subpoenaed in the JPMorgan litigation.

The Deutsche Bank case was led by an unidentified plaintiff, known as Jane Doe 1, who said Epstein sexually abused her from 2003 to 2018.

A different Jane Doe 1, a former ballet dancer who said Epstein trafficked her from 2006 to 2013, is leading the accusers’ case against JPMorgan.

Last September, Deutsche Bank agreed to pay $26.25 million to settle a US shareholder lawsuit accusing the bank of lax oversight while doing business with risky, ultra-rich clients like Epstein.

The case is Jane Doe 1 v Deutsche Bank AG et al, US District Court, Southern District of New York, No. 22-10018.

Read more:

Elon Musk documents subpoenaed in Jeffrey Epstein lawsuit by US Virgin Islands

Judge rejects bid to disqualify JPMorgan’s law firm in Epstein litigation

Jes Staley says JPMorgan using him as ‘shield’ for Jeffrey Epstein failures

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

World

Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

Continue Reading

World

At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

Continue Reading

World

US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM

Continue Reading

Trending