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Jeffrey Epstein's victims will be able to get up to $5 million from Deutsche Bank sex-trafficking settlement

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Jeffrey Epstein at the "Batman Forever" premiere in 1995.Patrick McMullan via Getty Images
  • A settlement from Deutsche Bank will give up to $5 million each to Jeffrey Epstein's victims.

  • Deutsche agreed to pay $75 million to settle the class action lawsuit.

  • A judge still needs to agree to the settlement terms.

Some victims of Jeffrey Epstein will be able to get up to $5 million from a settlement between Deutsche Bank and a class-action group of the now-dead pedophile's accusers, according to new court documents.

The bank settled the lawsuit in May, agreeing to pay $75 million to satisfy claims from an Epstein accuser who alleged that Deutsche Bank enabled Epstein's sex-trafficking operation by failing to properly scrutinize his accounts.

Friday's court filings — if approved by the judge overseeing the case — outline how the funds would be distributed to certain Epstein victims. The accusers would be eligible to apply for compensation if they were abused by Epstein or his associates during the time he began banking with Deutsche Bank, in August 2013, until around the time of his death, in August 2019.

Epstein died in a federal jail while awaiting trial on sex-trafficking charges. His vast estate, valued at $630 million, formed the basis for a compensation program that doled out $125 million to victims. In addition to the 136 victims who took money from the fund, other accusers have received settlements from separate lawsuits filed against Epstein's estate.

Attorneys for some of Epstein's accusers believed the earlier compensation program wasn't enough.

"Given that the estate at one point was valued at $634 million, this seems, in my opinion, to be a very small amount paid to victims for the harm that they suffered," Gloria Allred, who represents 20 of his accusers, previously told Insider. "It's my opinion that victims should have been compensated with a much larger share of Epstein's estate and that the amount awarded to many of them was insufficient and undervalued the sexual abuse that they suffered."

The Deutsche Bank settlement allows Epstein's victims to file claims with a new compensation program. The victims will be eligible only if Those claims will be reviewed by a group of three judges, who will decide whether to issue between $75,000 and $5 million to victims.

The anonymous "Jane Doe" who brought the class-action lawsuit against Deutsche Bank is represented by a group of attorneys including Sigrid McCawley, David Boies, and Brad Edwards, who have also collectively represented dozens of other Epstein accusers and have helped shape his estate's compensation program. Their law firms can get up to 30% of the Deutsche Bank settlement funds, according to the settlement documents.

Earlier this week, JP Morgan Chase agreed to pay $290 million to settle a separate class action lawsuit from "Jane Doe" alleging the bank facilitated Epstein's sex-trafficking operation. The full terms of that settlement aren't yet available.

"The settlements that have been reached are both life-changing and historic for the survivors," McCawley said in a statement. "Money, which for far too long flowed with impunity between Jeffrey Epstein's global sex trafficking enterprise and Wall Street's leading banks, is decisively being used for good. The settlements signal that financial institutions have an important role to play in spotting and shutting down sex trafficking."

Boies called the JP Morgan and Deutsche Bank settlements "historic" and compared himself to a character from the caper movie "The Sting."

"I feel like Johnny Hooker — it's not enough, but it's close," he said.

Yet another lawsuit against JP Morgan, brought by the attorney general of the US Virgin Islands — where Epstein owned two private islands — is still moving forward.

The Virgin Islands lawsuit alleges JP Morgan "pulled the levers" of Epstein's trafficking by turning a blind eye to red flags in his bank accounts because of the business he brought to the bank through his connections with other powerful people.

JP Morgan has denied the claims and has alleged that the US Virgin Islands government had its own problematic entanglements with Epstein. In court documents Thursday, the bank brought attention to Cecile de Jongh, the territory's former first lady, who worked for Epstein. She consulted him on changes to a sex offender registration law and helped obtain visas for some of his victims, the filings allege.

This story has been updated.

Read the original article on Business Insider