JPMorgan Chase & Co. has preliminarily agreed to a settlement in a class-action lawsuit involving a victim of Jeffrey Epstein, according to a statement released jointly by the U.S. bank and the woman’s legal representatives on Monday. The settlement pertains to a single claim within a proposed class action lawsuit filed by a woman alleging abuse by Epstein.
In the statement, JPMorgan expressed that all parties, particularly the survivors of Epstein’s abuse, will benefit from the settlement. The bank acknowledged that any association with Epstein was a mistake and expressed regret, stating they would not have continued the business relationship if they had known about his criminal activities.
The settlement, amounting to $290 million US, is subject to approval by a judge, as reported by the Associated Press with lead plaintiff attorney David Boies providing details. Meanwhile, JPMorgan, the largest bank in the U.S., is still facing legal action from the government of the U.S. Virgin Islands, where Epstein allegedly committed abuses on his properties.
Additionally, ongoing litigation against JPMorgan’s former executive Jes Staley, accused of concealing information about Epstein, remains unresolved. The lawsuit alleged that JPMorgan disregarded internal warnings about Epstein’s misconduct and retained him as a client despite his criminal history.
Epstein, a client of JPMorgan from 1998 until his dismissal in 2013, was maintained as a client even after his 2006 arrest and subsequent guilty plea. The lawsuit claimed that JPMorgan failed to act on recommendations to sever ties with Epstein, with other executives reportedly resisting the decision.
The bank’s CEO, Jamie Dimon, denied having significant knowledge of Epstein before his arrest and emphasized that he had no involvement in managing Epstein’s accounts. Dimon clarified that Epstein was not a factor in the departure of Staley, whom he had asked to leave the bank due to performance issues.
In a separate development, Deutsche Bank settled a similar lawsuit with Epstein’s victims earlier this year. The settlements underscore the critical role financial institutions play in identifying and preventing illicit activities like sex trafficking, according to Sigrid McCawley, legal counsel for the woman identified as Jane Doe 1 in the lawsuit against JPMorgan.