JPMorgan Chase settles with Jeffrey Epstein's victims

A joint statement from the nation’s largest bank and attorneys for the victims said they “have informed the court that they have reached an agreement in principle to settle the putative class action lawsuit related to Jeffrey Epstein’s crimes.”

Team Newsable

First Published Jun 12, 2023, 6:42 PM IST | Last Updated Jun 12, 2023, 6:42 PM IST

JPMorgan Chase Bank has reached an agreement to settle a class action lawsuit filed by victims of Jeffrey Epstein. This development follows a series of damaging revelations about the bank's longstanding association with the convicted sex offender, indicating that further legal proceedings may ensue.

The nation's largest bank and the victims' attorneys issued a joint statement informing the court that they have reached a preliminary agreement to settle the class action lawsuit regarding Jeffrey Epstein's crimes. The settlement is contingent upon court approval, and the specific amount remains undisclosed at this time.

Both the bank and the victims' legal representatives emphasized that the settlement is in the best interests of all parties involved, particularly the survivors who suffered from Epstein's abhorrent abuse.

Separate litigation is ongoing between the US Virgin Islands and JPMorgan Chase. The bank continues to pursue a case against Jes Staley, a former JPMorgan executive and ex-Barclays CEO, who the lawsuit claims bears significant responsibility for the 15-year financial relationship between JPMorgan and Epstein.

It is worth noting that Epstein's victims had previously reached a $75 million settlement with Deutsche Bank.

Epstein, who was arrested in 2019 on charges related to sex trafficking minors, died in prison shortly after his arrest, with authorities determining his death to be a suicide.

Prior to his 2019 arrest, Epstein had faced criminal charges for sexual misconduct, having pleaded guilty to two state prostitution charges in 2008 and serving a short prison sentence of 13 months. During this time, he was allowed to conduct business outside of prison during the day. He was also registered as a sex offender and provided restitution to the victims identified by the FBI.

During a recent eight-hour deposition in the case, JPMorgan Chase CEO Jamie Dimon testified that he had never personally met or spoken to Epstein and was unaware, in real-time, of the bank's compliance evaluations concerning Epstein's account and his criminal activities dating back to 2006.

Dimon further stated that he only became aware of the bank's connection with Epstein when he saw news stories in 2019 surrounding Epstein's federal charges in New York. Lawyers representing the victims have recently sought to depose Dimon for a second time.

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