JP Morgan Chase has announced a tentative settlement in a legal claim brought by a woman who accused the banking giant of profiting from the sexual abuse she and others suffered at the hands of Jeffrey Epstein, the disgraced financier.
In a statement, JP Morgan expressed regret over any association with Epstein and acknowledged the heinous nature of his crimes. The proposed settlement aims to resolve the embarrassing leaks about the extensive relationship between the bank and Epstein, who was a client from 1998 to 2013.
The lawsuit alleges that bank officials ignored warning signs about Epstein’s abuse because of his wealth and the potential to introduce wealthy individuals to the bank’s private banking and investment divisions.
The financial amount of the settlement has not been disclosed by JP Morgan Chase. However, a previous similar lawsuit against Deutsche Bank was settled for approximately $70 million. Reports suggest that more than 100 Epstein victims may be connected to the legal action against JP Morgan.
The settlement represents a significant development in the civil action against the bank, which also involves the US Virgin Islands, where Epstein owned a lavish home on a private island. This settlement could potentially lead to a resolution with the US Virgin Islands as well.
Attorney David Boies, representing Epstein’s survivors, expressed satisfaction with the proposed settlement, describing it as a great day for the victims.
During a recent deposition, JP Morgan’s CEO, Jamie Dimon, stated that he did not recall hearing about Epstein before his arrest and was surprised by the extent of Epstein’s connections when the scandal broke. The deposition also addressed an email suggesting a meeting between Epstein, Dimon, and former senior JP Morgan executive James “Jes” Staley, which Dimon denied ever took place.
JP Morgan denies allegations of profiting from Epstein’s sex trafficking and has filed a lawsuit against Staley, accusing him of concealing Epstein’s crimes to retain him as a client. Staley has denied the allegations and is scheduled to give a deposition.
Additionally, JP Morgan filed a counter-claim against the government of the US Virgin Islands, claiming that Epstein maintained a “quid pro quo relationship” with high-ranking officials in the territory, including Cecile deJongh, the wife of former governor John deJongh.
The civil actions against JP Morgan and Deutsche Bank have been accompanied by leaks from Epstein’s diaries, revealing meetings with prominent individuals, including CIA director William Burns, former White House counsel Kathryn Ruemmler, and figures like Noam Chomsky, Reid Hoffman, and Lawrence Summers.
The lawsuit against JP Morgan has involved depositions of notable business figures, such as Sergey Brin, Thomas Pritzker, Mortimer Zuckerman, Michael Ovitz, and Elon Musk, to gather information about their knowledge of the bank’s relationship with Epstein.
