JPMorgan Chase Settles With Epstein’s Alleged Victims

Financial services giant JPMorgan Chase has agreed to a settlement in a class action lawsuit on behalf of more than 40 victims of convicted trafficker Jeffrey Epstein.

The lawsuit was filed by an unnamed victim known as “Jane Doe 1” on behalf of the other victims. This unnamed victim claimed that JPMorgan Chase had ignored red flags pointing to Epstein’s crimes for years.

JPMorgan Chase provided services to Epstein for 15 years, only choosing to sever ties with the convicted trafficker in 2013 — five years after his first conviction. Epstein was found dead in prison in 2019, with reports claiming that he committed suicide.

Ultimately, JPMorgan Chase has agreed to settle the class action lawsuit with a massive payout, agreeing to pay Epstein’s alleged victims $290 million. The financial services company has stated that the settlement is not an admission of guilt, according to Reuters.

“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,” JPMorgan Chase said in a statement.

In a separate statement, the financial services company claimed that it regrets its association with Epstein.

“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 statement read.

JPMorgan Chase is also currently suing Jes Staley, a former executive at the bank. The lawsuit accuses him of enabling Epstein’s conduct and demands that he be held financially responsible for the settlement. They are also demanding that he return eight years of pay.

According to NBC News, Staley is accused of aiding in the coverup of Epstein’s trafficking ring and taking part in its activities.

Deutsche Bank also recently settled a $75 million lawsuit from alleged victims of Epstein. The convicted trafficker was a client of Deutsche Bank from 2013 to 2018.

“The settlements signal that financial institutions have an important role to play in spotting and shutting down sex trafficking,’ Sigrid McCawley, a lawyer for the woman known as Jane Doe 1, who sued JPMorgan, said in a statement,” Reuters reported.

JP Morgan Chase is also being sued by the U.S. Virgin Islands, which alleges that the bank was aware of Epstein’s illicit activities. However, the financial services company is fighting back against the lawsuit, claiming that the government was “complicit in the crimes of Jeffrey Epstein,” according to CNBC.

This case has even involved President Joe Biden, as many commentators have questioned the timing of a previous visit to the U.S. Virgin Islands by the president, which came just before the attorney general who initially brought the case against JPMorgan Chase was mysteriously fired.