JPMorgan Chase, one of the world’s leading banking institutions, has agreed to settle with victims of the late financier Jeffrey Epstein, as confirmed by a joint statement on June 12.
Epstein, who passed away at age 66 in federal prison while facing trial on charges of sex trafficking minors, had accounts at JPMorgan since 2000.
The bank has agreed to pay about $290 million to settle a class action lawsuit by victims of Epstein, according to a person familiar with the matter, Reuters cited.
The bank had been accused by several women of facilitating Epstein’s illegal sex trafficking operations.
The finalization of the settlement is pending approval from U.S. District Judge Jed Rakoff, a Clinton appointee presiding over the case.
A spokesperson for JPMorgan Chase communicated the bank’s stance on the matter to The Epoch Times: “We all now understand that Epstein’s behavior was monstrous, and we believe this settlement is in the best interest of all parties, especially the survivors, who suffered unimaginable abuse at the hands of this man.”
She continued, stating that any association with Epstein was a grave error and expressed regret. “We would never have continued to do business with him if we believed he was using our bank in any way to help commit heinous crimes.”
David Boies, an attorney representing the survivors, told Epoch Times that the recovery from JPMorgan was a significant advancement towards justice for the victims.
“While the road to justice for the survivors of Jeffrey Epstein’s sex trafficking ring has been too long, and we are not yet at its end, the historic recovery from JP Morgan, individually and in combination with our earlier recovery from Deutsche Bank, is another important step in achieving the vindication, recognition, and compensation they deserve.”
While the exact amount of the settlement remains officially undisclosed as per JP Morgan’s request, Boies hinted that it was substantial.
“JP Morgan has requested that we not reveal the actual amount of the settlement (which is large), and for the moment we are honoring that request,” he added.
It is notable that a similar lawsuit was filed against Deutsche Bank by the same survivors, which was settled in May for $75 million.
Judge Rakoff had previously ruled this year that both Deutsche Bank and JP Morgan could potentially be liable for Epstein’s crimes.
He stated that there was sufficient evidence to support the allegation that both banks were knowledgeable about Epstein’s illegal activities.
After a close associate, Jes Staley, left the bank in 2013, the bank started closing Epstein’s accounts.
Epstein then transitioned to Deutsche Bank for his banking needs.
The lawsuit alleges that having accounts at these banks helped Epstein fund and expand his illicit operations.
The case does not impact a separate lawsuit filed by officials in the U.S. Virgin Islands against JPMorgan.
The officials accused the bank of supporting Epstein’s illicit operations even after his 2008 conviction for soliciting a minor for prostitution.
The case revealed that Del. Stacey Plaskett (D-V.I.), a U.S. congresswoman, visited Epstein’s home in New York in 2018 and even sought donations from him despite his status as a registered sex offender.
According to JPMorgan’s filings, other Virgin Islands officials, including former First Lady Cecile de Jongh, were implicated in “actively facilitating” Epstein’s activities.
