JPMorgan Chase mentioned Monday it has tentatively agreed to settle claims by victims of the sexual predator Jeffrey Epstein.
Phrases of the settlement in U.S. District Courtroom in Manhattan weren’t disclosed within the announcement, which got here simply hours earlier than a choose dominated that the case can proceed as a class-action lawsuit.
“The events in Jane Doe 1 v. JPMorgan Chase Financial institution, N.A. have knowledgeable the Courtroom that they’ve reached an settlement in precept to settle the putative class motion lawsuit associated to Jeffrey Epstein’s crimes, which is topic to courtroom approval,” the financial institution mentioned in a information launch.
“The events imagine this settlement is in the most effective pursuits of all events, particularly the survivors who have been the victims of Epstein’s horrible abuse,” JPMorgan added.
The settlement announcement comes one month after Deutsche Financial institution, the place Epstein grew to become a shopper after he was compelled out by JPMorgan in 2013, settled with Epstein victims for $75 million. JPMorgan’s litigation with the U.S. Virgin Islands is ongoing.
Monday’s settlement stems from claims filed final yr by an unnamed girl, utilizing the pseudonym Jane Doe, that the financial institution knowingly benefited from and facilitated Epstein’s intercourse trafficking operation. The lady, who alleges she was raped and trafficked, sued on behalf of a “giant quantity” of different victims of that operation.
“All of us now perceive that Epstein’s conduct was monstrous, and we imagine this settlement is in the most effective curiosity of all events, particularly the survivors, who suffered unimaginable abuse by the hands of this man,” JPMorgan mentioned in a separate assertion Monday morning.
“Any affiliation with him was a mistake and we remorse it. We’d by no means have continued to do enterprise with him if we believed he was utilizing our financial institution in any method to assist commit heinous crimes,” the financial institution mentioned.
Brad Edwards, an lawyer for the lead plaintiff within the case, lauded the “enormously invaluable” assist the Virgin Islands offered to Epstein’s victims. “We acknowledge the significance of the federal government’s continued litigation towards JPMorgan Chase to forestall future crimes,” Edwards mentioned in an announcement.
JPMorgan stays headed for an Oct. 23 trial with the U.S. Virgin Islands in its lawsuit over the financial institution’s relationship with Epstein. JPMorgan’s claims towards former government Jes Staley, who was mates with Epstein, are additionally lively, the financial institution mentioned. JPMorgan argues that Staley is accountable for any civil legal responsibility a jury would possibly discover within the Epstein case. Additionally it is seeking to claw again greater than $80 million in pay from the previous government.
“We’re gratified to listen to concerning the settlement that can present victims of Jeffrey Epstein some compensation for JPMorgan Chase’s position in facilitating Epstein’s crimes towards them,” a spokesperson for the Virgin Islands Legal professional Normal mentioned in an announcement.
“The U.S. Virgin Islands will proceed to proceed with its enforcement motion to make sure full accountability for JPMorgan’s violations of regulation and stop the financial institution from helping and benefiting from human trafficking sooner or later. The united statesVirgin Islands is dedicated to defending ladies and women who may in any other case change into victims going ahead,” the spokesperson mentioned.
The sufferer and the Virgin Islands, the place Epstein owned a personal island the place he would sexually abuse women, each declare JPMorgan continued working with Epstein after studying he had been a predator, and facilitated his intercourse trafficking crimes. The Virgin Islands’ authorities, nonetheless, is pushing ahead, pointing to a number of new reveals that includes electronic mail chains that present extra concern throughout the financial institution about Epstein than was beforehand identified, particularly amongst its authorized and compliance employees.
The announcement comes greater than per week after JPMorgan CEO Jamie Dimon gave a deposition within the Epstein circumstances. On Friday, legal professionals for the Epstein sufferer, known as Jane Doe 1 in paperwork, requested the courtroom to reopen Dimon’s deposition.
The accuser’s legal professionals additionally sought to reopen the depositions of Mary Erdoes, who’s CEO of JPMorgan’s asset and wealth administration division; Mary Casey, who was Epstein’s banker for a few decade at JPMorgan; and a fourth individual, solely recognized within the submitting as JPMorgan’s “consultant.” All 4 could be requested about paperwork turned over after their preliminary depositions, in response to a submitting.
JPMorgan has denied wrongdoing and says it regrets having had Epstein as a shopper. Dimon had mentioned he barely knew of Epstein till 2019, when federal authorities arrested him.
One of many late-produced paperwork was a timeline that referenced emails during which Staley, the one-time JPMorgan government, asks Epstein a query. (Staley left one other massive financial institution, Barclays, in late 2021 after a probe into his Epstein relationship.)
“Plaintiff would have confronted JPMC’s CEO, Mr. Dimon, with this doc throughout his deposition had it been produced in a well timed method,” a authorized submitting mentioned.
JPMorgan has mentioned Dimon didn’t overview Epstein’s accounts when he was a shopper there from 1998 via 2013, which is when JPMorgan severed its relationship with him. That termination occurred years after a number of issues have been raised throughout the financial institution about holding him as a shopper and 5 years after he pleaded responsible to a Florida state cost of soliciting intercourse from a minor.
Epstein died in 2019 from suicide in a New York jail, weeks after federal authorities charged him with trafficking women for intercourse.
Regardless of his legal historical past, Epstein nonetheless cultivated friendships and relationships among the many richest, strongest folks on this planet, together with Microsoft co-founder Invoice Gates, Prince Andrew of the UK and former presidents Invoice Clinton and Donald Trump.
