Deutsche Bank agrees to $75M US settlement with Jeffrey Epstein victims
CBC
23-05-18 14:08
Deutsche Bank has agreed to pay $75 million in a settlement over allegations that it should have seen evidence of sexual exploitation by American financier Jeffrey Epstein when he was a client. The lawsuit was launched by a woman only identified as Jane Doe and claimed the bank had profited from Epstein’s sex trafficking. Deutsche Bank was said to have chosen “profit over following the law” to earn millions of dollars from the businessman. The bank has previously acknowledged it made mistakes in taking on Epstein as a client, and has since invested over €4bn ($5.9bn) to bolster anti-financial crime processes.
Billionaire investor Carl Icahn has lost money every year since 2014, mostly due to hedges made against a fast-rising market to protect his investment empire against another financial crisis, according to analysis by the Financial Times. Since 2017, the prominent activist investor has lost around $9bn due to hedges which would have paid out if asset prices had collapsed. According to the analysis, Icahn lost approximately $1.8bn in 2017 on hedging positions and $7bn between 2018 and Q1 2019. Icahn has bet on a market collapse since the aftermath of the 2008 financial crisis, deploying a strategy that involved shorting broad market indices, corporations, commercial mortgages and debt securities. At times, the notional exposure of his trades surpassed $15bn. This has neutralised approximately $6bn in gains from his activist wagers.
A US federal judge will decide by the end of the month whether JPMorgan can proceed with its lawsuit against former executive Jes Staley, who developed a friendship with convicted sex offender Jeffrey Epstein. The bank accused Staley of getting caught up in Epstein's shenanigans and putting JP Morgan at risk of damages from lawsuits brought by Epstein's alleged victims as well as the US Virgin Islands. Staley, who later went on to become CEO at Barclays, claimed the bank was using him as a "public relations shield" for its own shortcomings.
Best-selling author James Patterson is teaming up with journalist Vicky Ward to write a book about the 2022 murder of four students from the University of Idaho. The pair will draw from interviews, reporting, and court transcripts as they cover the trial of suspect Bryan Kohberger, who was indicted on 9 September. Kohberger is accused of killing Xana Kernodle, Ethan Chapin, Madison Mogen, and Kaylee Goncalves. The book does not yet have a release date or title.
Lawyers for Jes Staley, former CEO of Barclay’s, have refuted allegations brought against him by JPMorgan Chase that he masked a relationship with now-deceased sex offender Jeffrey Epstein. The bank is seeking to make Staley liable for two lawsuits alleging the bank failed to flag Epstein's transactions for 15 years and helped him maintain a network of victims by turning a blind eye to suspicious transactions. JPMorgan has also claimed that Staley vouched for Epstein, whereas Staley’s lawyers argue that the assertion is based on shaky foundations. A federal judge is due to rule on the motion to dismiss by the end of the month.
As JP Morgan Chase's investor days begin, CEO Jamie Dimon must convince investors that the bank, now the largest in the US, can still expand further while still dealing with the damages of two lawsuits related to its relationship with Financier Jeffrey Epstein and fraud accusations related to investment start-up Frank. Nevertheless, JP Morgan's shares have outrivaled the KBW banking index in the past year and have been awarded as one of the winners in the regional banking crisis. Shareholders will also be looking for potential internal candidates for the CEO role should Dimon decide to step down.
The coronation of King Charles III could provide a new start for the monarch to people who were hesitant about him when he succeeded to the throne, as he is now being judged on his own merit and seen out of the shadow of his mother's legacy. For Charles, his main challenges will be proving the relevance of the monarchy in society and maintaining political neutrality, while keeping the Royal Family visible. Additionally, Charles will have to face up to strained family relationships, particularly with his son Harry following the private turmoil affecting them both, and also ensure a smaller core of working royals undertakes enough public engagements to keep the monarchy relevant. With the Queen having come to the throne at the relatively young age of 25, her life was regarded as somewhat mysterious. In contrast, there has been an increased amount of attention concerning the thoughts and views of Charles, putting pressure on him to be an exemplary monarch.
Former tech mogul Bill Gates was reportedly threatened with exposure over his alleged affair with a Russian bridge player in her 20s by convicted paedophile Jeffrey Epstein, according to reports in the Wall Street Journal. Gates, who met Mila Antonova at a bridge tournament in 2010, was asked to support a charity set up by Epstein following their meeting. Gates refused and Epstein allegedly threatened to expose the affair unless Gates supported the charity. Gates was introduced to Epstein by Boris Nikolic, a Gates confidant and top science adviser. Epstein was interested in a proposed charitable fund worth billions of dollars and used Gates as a potential backer to secure funding. Epstein was arrested again on sex trafficking charges in 2019 and was found hanging in a prison cell while awaiting trial.
Jeffrey Epstein threatened to expose an alleged affair between Bill Gates and a Russian bridge player in her 20s, according to the Wall Street Journal. Gates, who met Mila Antonova at a tournament in 2010, refused to support Epstein's charitable foundation, eliciting the alleged blackmail threat. Gates's spokesperson said he met Epstein for purely philanthropic reasons, and had no financial dealings with him. Epstein died in custody in 2019 after being charged with sexual misconduct towards young girls.
JPMorgan's CEO, Jamie Dimon, will discuss the bank's future growth plans at its investor day conference on Monday. Although the bank has had a strong year, becoming one of the US's largest deposit holders with over 4,800 branches, the bank must try and maintain its momentum heading forward. Mr. Dimon is not expected to step down in the near future, but potential successors include Marianne Lake and Jennifer Piepszak. Nevertheless, shareholders may ask about Anglo-Irish investigation JPMorgan is embroiled in over its ties to Jeffrey Epstein and a failed $175m acquisition of fintech startup Frank. They could also ask about JPMorgan being barred from buying more lenders after angering Washington with its purchase of First Republic.
