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JPMorgan reaches $290 million settlement with Jeffrey Epstein’s victims

JPMorgan Chase has reached a $290 million settlement with sexual abuse victims of disgraced financier Jeffrey Epstein, a lawyer for the victims stated Monday.

The tentative settlement would resolve allegations made in a federal lawsuit filed final 12 months in Manhattan. In Jane Doe 1 v. JPMorgan Chase Financial institution, victims accused the banking big of enabling the intercourse trafficking operation by permitting for enormous withdrawals of money over a 15-year interval, together with after Epstein’s intercourse crimes had been broadly identified. A special case, introduced by the U.S. Virgin Islands, stays unresolved.

David Boies, an legal professional representing the victims, confirmed the monetary phrases on Monday. Deutsche Financial institution, which dealt with Epstein’s accounts for a shorter interval after he was dropped by JPMorgan, settled a class-action go well with with related allegations for $75 million in Might.

“The events imagine this settlement is in the perfect pursuits of all events, particularly the survivors who had been the victims of Epstein’s horrible abuse,” reads an announcement emailed by JPMorgan spokeswoman Patricia Wexler.

JPMorgan executives blame one another over protecting Epstein, depositions present

The settlement comes after a number of of JPMorgan’s highest-ranking bankers had been deposed, together with chief govt Jamie Dimon and wealth administration CEO Mary Erdoes. Jes Staley, a former JPMorgan govt who the financial institution stated had advocated internally on Epstein’s behalf, additionally confronted questioning.

The financial institution has denied wrongdoing and stated any affiliation with Epstein was a mistake. It has additionally sued Staley, accusing him of appearing on his personal to advance Epstein’s pursuits.

The lawsuit zeroed in on the extent to which those that knew or labored with Epstein had been conscious of his crimes, enabled them or regarded the opposite method. It alleged the financial institution repeatedly ignored warnings that Epstein had been abusing teenage ladies whereas taking advantage of enterprise he delivered to the financial institution. Epstein killed himself in August 2019 in a Manhattan jail cell, a month after his arrest, in response to the New York medical expert.

The primary lawsuit was introduced by a number of of Epstein’s victims, and the second by officers of the U.S. Virgin Islands, the place Epstein owned a non-public residence and mansion. Attorneys for the prosecution declare the financial institution “knowingly facilitated, sustained, and hid” Epstein’s lengthy historical past of abuse and baby intercourse trafficking. Epstein held accounts at JPMorgan for 15 years, beginning in 1998.

“All of us now perceive that Epstein’s habits was monstrous, and we imagine this settlement is in the perfect curiosity of all events, particularly the survivors, who suffered unimaginable abuse by the hands of this man,” Wexler stated in an e mail. “We might 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.”

David Boies, an legal professional representing the victims, stated the settlements signify accountability for many who enabled Epstein.

“Taken collectively or individually, the historic recoveries from the banks who offered monetary companies to Jeffrey Epstein, communicate for themselves,” Boies stated in an e mail. “It has taken a very long time, too lengthy, however immediately is a superb day for Jeffrey Epstein survivors, and an excellent day for justice.”

Deutsche Financial institution stated to conform to $75 million settlement in Epstein case

Depositions confirmed that high JPMorgan executives had been knowledgeable as early as 2006 that the financial institution had flagged suspicious exercise on his accounts. However it wasn’t till 2013 ― years after Epstein’s standing as a intercourse offender was broadly publicized and mentioned internally on the financial institution ― that Erdoes fired him as a consumer.

A number of of the financial institution’s high executives blamed each other for permitting Epstein to stay a consumer. Dimon, in a deposition final month, stated the choice to fireplace Epstein fell to the financial institution’s normal counsel. However the normal counsel stated in his personal deposition that Erdoes and Staley had been accountable for that call. Erdoes stated Staley had advocated on Epstein’s behalf, and Staley accused his former colleagues of attempting to shift blame onto him.

The settlement nonetheless have to be permitted by Choose Jed Rakoff in U.S. District Courtroom for the Southern District of New York. Rakoff can be presiding over the case introduced by the U.S. Virgin Islands.

A spokesperson for the U.S. Virgin Islands legal professional normal stated that workplace will “proceed to proceed with its enforcement motion to make sure full accountability for JPMorgan’s violations of the regulation and stop the financial institution from helping and taking advantage of human trafficking sooner or later.”

It is a creating story and will likely be up to date




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