Ticker: Deutsche Bank to settle Epstein lawsuit for $75M; Mortgage rates tick up 

Deutsche Bank has agreed to pay $75 million to settle a lawsuit claiming that the German lender should have seen evidence of sex trafficking by Jeffrey Epstein when he was a client, according to lawyers for women who say they were abused by the late financier.

A woman only identified as Jane Doe sued the bank in federal district court in New York and sought class-action status to represent other victims of Epstein.

One of the law firms representing women in the case, Edwards Pottinger, said it believed it is the largest sex trafficking settlement with a bank in U.S. history.

“The settlement will allow dozens of survivors of Jeffrey Epstein to finally attempt to restore their faith in our system knowing that all individuals and entities who facilitated Epstein’s sex-trafficking operation will finally be held accountable,” the firm said in statement.

Deutsche Bank would not comment on the settlement Thursday but noted a 2020 statement from the bank acknowledging its mistake in taking on Epstein as a client.

Mortgage rates tick up

The average long-term U.S. mortgage rate edged higher this week after a two-week drop, a modest move in line with a mostly moderate shift in home-loan rates in recent weeks.

Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.39% from 6.35% last week. The average rate a year ago was 5.25%.

The average benchmark rate has moved lower in seven of the last 10 weeks since reaching a high for this year of 6.73% in early March. Still, it remains elevated relative to 2020 and 2021, when the average rate fell below 3%.

“Higher mortgage rates have slowed home purchase activity during a time in the year when typically home shoppers are out in full force,” said Lisa Sturtevant, chief economist at Bright MLS.