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June 12, 2023 at 10:18 AM
JPMorgan Chase & Co. has agreed to settle a lawsuit alleging it knowingly benefited from former client Jeffrey Epstein’s sex-trafficking.
The firm reached an “agreement in principle” to settle the proposed class action filed by an unnamed Epstein victim late last year, JPMorgan said in a statement Monday. The biggest U.S. bank didn’t say how much it agreed to pay or any other terms of the agreement.
“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,” the New York-based bank said. “Any association with him was a mistake and we regret it. 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.”
The deal with the victim identified only as Jane Doe doesn’t end JPMorgan’s legal headache over its ties to Epstein. It’s still facing a lawsuit by the US Virgin Islands, where the financier had a private retreat where he brought several of his victims.
The bank is also litigating its own case against former private-banking head Jes Staley, who JPMorgan says should be held responsible for damages it incurs over its Epstein ties.
“Taken together or individually, the historic recoveries from the banks who provided financial services to Jeffrey Epstein speak for themselves,” said David Boies, one of the attorneys for Doe. “It has taken a long time — too long — but today is a great day for Jeffrey Epstein survivors, and a great day for justice.”
Boies said JPMorgan asked that the settlement amount not be disclosed, and “pending further discussions we are going to respect that request.”
Doe filed her proposed class action against JPMorgan, where Epstein was a client from 1998 to 2013, in November. A different Doe plaintiff represented by the same lawyers also sued Deutsche Bank AG at the same time.
The German bank, which became Epstein’s main financial institution after JPMorgan cut ties with him in 2013, agreed to settle its Doe suit in May for $75 million.
The USVI filed its suit against JPMorgan weeks later. Both Doe and the USVI accused the bank of turning a blind eye to signs Epstein was using his accounts to traffic young women, including paying settlements to victims and transporting them between his properties.
