The fallout from Jeffrey Epstein’s sex trafficking operation continues. On the heels of a judge ruling that the case could proceed as a class-action lawsuit, JPMorgan Chase announced that they are prepared to pay $290 million in a settlement with victims of the late Epstein.
Why?
The lawsuit filed by Jane Doe 1 cites that JPMorgan Chase Bank was aware of Epstein’s dealings with child sex trafficking and benefitted from the operation. The woman, who cites being raped and trafficked, sued on behalf of a “large number” of other victims of that operation.
What does CEO Jamie Dimon have to say?
According to his deposition, Dimon said he was barely aware of Epstein until 2019 when he was arrested.
However, a former JPMorgan executive, James “Jes” Staley was a personal friend of Epstein since 2006 and court filings claim the two exchanged over 1,000 emails, some of which included photos of young women and sexual discussions about them. Emails also indicate Staley visited Epstein’s infamous island.
Staley is being sued by JPMorgan over his ties with Epstein as they try to reclaim $80 million in salary paid to him as well as have him compensate them for the payout to the victims. Staley, who maintained his friendship with Epstein even after his 2008 guilty plea, had to step down from his position as former CEO of Barclays for not disclosing his ties to Epstein. To date, he denies knowledge of Epstein’s sex trafficking.
“The parties believe this settlement is in the best interests of all parties, especially the survivors who were the victims of Epstein’s terrible abuse.” JPMorgan
JPMorgan is not alone in having to pay enormous amounts of money for being involved with Epstein. Last month, Deutsche Bank settled with Epstein’s victims for $75 million.
Is that all?
Nope. The government of the US Virgin Islands is also suing JPMorgan for turning a blind eye to Epstein’s activities on his island. The trial is scheduled for October 23, 2023.
“The U.S. Virgin Islands will continue to proceed with its enforcement action to ensure full accountability for JPMorgan’s violations of law and prevent the bank from assisting and profiting from human trafficking in the future. The U.S Virgin Islands is committed to protecting women and girls who could otherwise become victims going forward.” Attorney General, US Virgin Islands
Sources
JPMorgan prepared to pay $290 million in settlement with Jeffrey Epstein victims
Top Banker Talked of Young Women With Jeffrey Epstein, Court Filing Says
JPMorgan’s Dimon says other execs at the bank could have booted Epstein when he was a client