JPMorgan Chase has agreed to settle a lawsuit from victims of Jeffrey Epstein, the bank announced Monday.
JPMorgan Chase and Jeffery Epstein Lawsuit
“The parties in Jane Doe 1 v. JPMorgan Chase Bank, N.A. have informed the Court that they have reached an agreement in principle to settle the putative class action lawsuit related to Jeffrey Epstein’s crimes, which is subject to court approval,” JPMorgan Chase said in a news release.
An unnamed woman filed a complaint last year, alleging the bank knowingly benefited from and facilitated Epstein’s sex trafficking operation. The woman, who alleges she was raped and trafficked, sued on behalf of a “large number” of other victims of that operation.
The victim and the Virgin Islands, where Epstein owned a private island where he would sexually abuse girls, both claim JPMorgan continued working with Epstein after learning he had been a predator and facilitated his sex trafficking crimes.
The lawsuit alleges that JPMorgan “knowingly and intentionally participated in the Epstein sex-trafficking venture” between roughly 2000 and 2013 by providing its “essential financial underpinnings” and ignoring the red flags.
The judge hadn’t yet ruled whether the case should have class-action status.
CEO Jamie Dimon “Never” Knew About Epstein
Dimon was asked in his deposition if he had ever heard the name Jeffrey Epstein before authorities arrested Epstein, answering: “Not that I recall.” He said he first heard about Epstein “when the story blew wide open.”
“I have never had an appointment with Jeff Epstein. I’ve never met Jeff Epstein. I never knew Jeff Epstein. I never went to Jeff Epstein’s house. I never had a meal with Jeff Epstein. I have no idea what they’re referring to here,” Dimon said.
Lawyers for Epstein’s victims filed a request to interview Dimon a second time last week. They claimed that the bank had dragged its feet in producing further documents that would have changed their initial questioning of Dimon.
“The parties believe this settlement is in the best interests of all parties, especially the survivors who were the victims of Epstein’s terrible abuse,” JPMorgan stated.
The agreement comes weeks after JPMorgan CEO Jamie Dimon sat for a deposition with lawyers for the victims.
JPMorgan did not disclose a financial amount related to Monday’s settlement, though a previous agreement in a similar lawsuit against Deutsche Bank was resolved for a reported $70m.
According to reports, the number of Epstein victims attached to the JPMorgan action could rise to more than 100.
In a joint statement on Monday, the bank and the victim’s lawyers said it reached an “agreement in principle” and “the parties believe this settlement is in the best interests of all parties, especially the survivors who were the victims of Epstein’s terrible abuse.”
The bank continues to prosecute its own case against its former JP Morgan Chase executive Jes Staley.
The financial institution sued Staley in March, saying he should be held liable for any financial penalties it faces from the lawsuits accusing the bank of enabling Epstein’s conduct.
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