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Deutsche Bank Flat on Possible Legal Action Deutsche Bank (NYSE:DB) is the target of possible lawsuits in the U.S.
A story in Friday's Wall Street Journal report women who accused Jeffrey Epstein of sexual abuse are suing Deutsche Bank and JPMorgan Chase & Co. (NYSE:JPM) saying the banks facilitated Epstein's alleged sex-trafficking operation and ignored red flags about their wealthy client.
The two lawsuits seek class-action status and unspecified financial damages. They were both brought by lawyers that have represented many of the late financier's accusers. The suits were filed in federal court in New York on Thursday.
“The time has come for the real enablers to be held responsible, especially his wealthy friends and the financial institutions that played an integral role,” said one of the lawyers, Bradley Edwards, in a written statement.“These victims were wronged, by many, not just Epstein. He did not act alone.”
A Deutsche Bank spokesman said,“We believe this claim lacks merit and will present our arguments in court.” A JPMorgan spokesman declined to comment.
The Deutsche Bank suit cites many of the findings from an investigation by New York state's financial regulator into that bank's relationship with Epstein. The JPMorgan suit cites the relationship between Epstein and a former top JPMorgan executive that was investigated by U.K. regulators.
DB shares gained nine cents to $10.75.
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