JPMorgan Chase has reached a settlement in a class action lawsuit with victims of financier Jeffrey Epstein that, according to the New York Times, is worth $290 million.
JPMorgan Chase announced that it has reached an agreement with victims of sexual abuse perpetrated by Jeffrey Epstein. An agreement which, reports the New York Times, would be worth 290 million dollars.
The deal represents a significant step for the bank as it seeks to deal with the aftermath of its past association with the financier convicted of sex crimes.
According to the allegations, JPMorgan made loans to Epstein and regularly allowed him to withdraw large sums of money from 1998 to August 2013, despite knowledge of his sex trafficking practices.
The lawsuit
David Boies, a lead attorney on the victims’ legal team, said the bank was willing to pay $290 million to settle the lawsuit. The parties had initially agreed not to disclose the amount of the settlement in their joint filing, as it was due to be included in a court filing within the next week.
The proposed settlement will resolve a lawsuit filed last November in federal court in Manhattan by an unnamed woman on behalf of victims who were sexually abused by Epstein over a period of about 15 years when they were teenage girls.
The number of victims could potentially rise to more than 100.
A related lawsuit was filed in the US Virgin Islands. Terms of the deal were not disclosed.
Judge Rakoff had expedited the JPMorgan lawsuits, with more than a dozen depositions released in the past three months, including one from JPMorgan Chief Executive Officer, Jamie Dimon, and another from Albert Bryan Jr., the governor of the Virgin Islands.
In the statement, the bank and the victims’ lawyers said they had reached an "agreement in principle to settle" the lawsuit on behalf of the victims and that "(the settlement is in the best interests of all parties, especially the survivors who are were the victims of Epstein’s terrible abuse".
James Staley
The settlement between JPMorgan and Epstein’s victims was finalized as some of the plaintiffs’ attorneys were taking testimony from James E. Staley, a former JPMorgan executive who had close ties to Mr. Epstein.
Litigation between the US Virgin Islands and JPMorgan Chase is still ongoing, as are JPMorgan Chase’s claims against Staley.
The bank has denied the allegations and is suing Staley, saying it covered up Epstein’s crimes to keep him as a client.
JPMorgan CEO Jamie Dimon testified he never heard of Epstein and his crimes until the financier was arrested in 2019, according to a videotaped deposition transcript released last month.
In court filings, the Virgin Islands said Mr. Epstein and Mr. Staley shared sexually suggestive emails about sexually abused young women.
Staley, in court, repeatedly denied that he had done anything wrong or had knowledge that Mr. Epstein had sexually abused young women and teenage girls.
Jeffrey Epstein
Jeffrey Epstein, a well-known billionaire and financier, was arrested in 2019 at Teterboro airport in New Jersey on charges of trafficking of minors and died by suicide in prison in unclear situations, while he was awaiting trial.
His illegal activities were only brought to light after years of speculation and repeated denunciations by his victims.
During his career, Epstein has developed an extensive network of contacts among the most influential people in the world, including politicians, celebrities, and leading figures in the financial world.
Epstein’s victims have long sought justice and compensation for the abuse they suffered, and JPMorgan was significantly involved in this story. The bank has provided financial services to Epstein for many years, despite reports and suspicions of its illegal activities. This deal marks an important step for the bank as it seeks to take responsibility for its past actions and compensate victims for the damages it has suffered.
Original article published on Money.it Italy 2023-06-14 08:00:00. Original title: JPMorgan chiude accordo storico con le vittime di Jeffrey Epstein
