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JPMorgan Reaches $290M Settlement With Jeffrey Epstein Victims

June 13, 2023 | By Kali Girl

JPMorgan Chase has reached a settlement of approximately $290 million in a class action lawsuit brought by victims of Jeffrey Epstein, reports Reuters. The settlement addresses a significant portion of the litigation concerning the bank’s association with the disgraced financier.

This resolution comes after a series of revelations that JPMorgan disregarded internal alerts and failed to address warning signs regarding Epstein, primarily due to his status as a valuable client.

Despite Epstein’s 2006 arrest on charges related to prostitution and subsequent guilty plea two years later, he continued to maintain an account with JPMorgan from 1998 to 2013.

In the recent agreement, the largest U.S. bank may settle with over 100 victims, including Jane Doe 1, a former ballet dancer. These victims accused Epstein of abusing them during their youth.

Carliss Chatman, a professor at Washington and Lee University School of Law in Virginia said, “It could be that the bank doesn’t want this to stay in the press.” “At a time Americans are questioning the banking system, associating Chase with human trafficking is not good for business.”

“Any association with (Epstein) was a mistake and we regret it,” JPMorgan said in a statement. “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.”

Attorney David Boies, representing the victims of Epstein, officially verified the settlement amount of $290 million. It is worth noting, the bank did not acknowledge any wrongdoing in accordance with an anonymous source knowledgeable about the matter.

Sigrid McCawley, a lawyer for victims in both lawsuits said, “The settlements signal that financial institutions have an important role to play in spotting and shutting down sex trafficking.”

Epstein, who was facing sex trafficking charges, took his own life in a Manhattan jail cell at the age of 66 in August 2019.

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