The victims had accused the bank of facilitating sex trafficking while Epstein was a client.
JPMorgan Chase has agreed to pay $290 million to settle a class-action lawsuit brought by victims of Jeffrey Epstein’s sexual abuse
JPMorgan Chase, the largest bank in the United States, and the victims’ attorneys issued a joint statement confirming the agreement, which is still subject to court approval. As part of the settlement, the bank will not admit liability, but it will release a statement expressing regret for its association with Epstein.
While it is uncertain how many victims will benefit from the settlement funds, over 100 women are expected to seek compensation. Many of these women had already filed claims with Epstein’s estate through the Epstein Victims’ Compensation Program and are likely to be included in the settlements with JPMorgan and Deutsche Bank, which reached a $75 million settlement with the victims previously.
The settlement has been hailed as “life-changing and historic” by the victims’ lawyers, who believe it sends a strong message that financial institutions must play a role in identifying and stopping sex trafficking
The settlement defines the eligible victims as “all women who were sexually abused or trafficked by Jeffrey Epstein during the time when JP Morgan maintained accounts for Epstein and/or Epstein-related entities” from January 1, 1998, through August 19, 2013, and afterward until his death in August 2019.
While the settlement resolves the class-action lawsuit, JPMorgan is still involved in litigation with the US Virgin Islands, where Epstein owned a home. The bank is also pursuing legal action against Jes Staley, a former JPMorgan executive and ex-Barclays CEO, who is alleged to be primarily responsible for the bank’s relationship with Epstein.
JPMorgan Chase CEO Jamie Dimon, in a deposition, stated that he had no personal contact with Epstein and was unaware of the bank’s compliance evaluations of Epstein’s account and criminal activities until news reports emerged in 2019 during Epstein’s arrest. Lawyers for the victims have recently requested a second deposition of Dimon.