JPMorgan Reaches $290 Million Settlement With Jeffrey Epstein Victims

JPMorgan Chase has agreed to pay $290 million to settle a class-action lawsuit brought by Jeffrey Epstein’s sexual abuse victims, according to attorney David Boies representing the victims. The victims accused the bank of facilitating sex trafficking while Epstein was a client. In a joint statement, JPMorgan Chase and the victims’ attorneys announced that they had reached an agreement in principle to settle the lawsuit related to Epstein’s crimes, pending court approval.

Although the bank will not admit liability in the case, it will issue a statement expressing regret over its association with Epstein upon the settlement’s approval. Both the bank and the victims’ lawyers believe that the settlement is in the best interests of all parties, particularly the survivors who suffered abuse at the hands of Epstein.

While it is unclear how many victims will benefit from the settlement funds, over 100 women are expected to seek compensation. Many of these women had already filed claims through the Epstein Victims’ Compensation Program and are likely to be included in the pending bank settlements. The lawyers representing the victims described the settlement as “life changing and historic,” emphasizing the importance of financial institutions in identifying and stopping sex trafficking.

Judge Jed Rakoff, overseeing the case, approved a class of eligible victims defined as “all women who were sexually abused or trafficked by Jeffrey Epstein during the time when JPMorgan maintained accounts for Epstein and/or Epstein-related entities.” This period spans from January 1, 1998, through August 19, 2013, as well as the subsequent period until Epstein’s death on August 10, 2019.

Litigation between JPMorgan and the US Virgin Islands, where Epstein owned a residence, is still pending. The bank continues to pursue its case against Jes Staley, a former JPMorgan executive and ex-Barclays CEO, who is alleged to have played a significant role in the bank’s financial relationship with Epstein over 15 years.

While the settlement marks a significant development, the US Virgin Islands’ attorney general’s office affirmed its commitment to proceeding with enforcement actions against JPMorgan Chase. They aim to hold the bank accountable for its violations of the law and prevent future involvement in human trafficking.

Jeffrey Epstein, who was arrested in 2019 on charges of sex trafficking minors, died in prison shortly after his arrest, officially ruled as a suicide. Prior to this arrest, Epstein had faced previous criminal charges related to sexual misconduct, pleading guilty in 2008 to state prostitution charges and serving a brief prison sentence. He registered as a sex offender and paid restitution to FBI-identified victims.

JPMorgan Chase CEO Jamie Dimon, in an eight-hour deposition for the case, testified that he had never personally met or spoken with Epstein and was unaware of the bank’s compliance evaluations of Epstein’s account and criminal conduct dating back to 2006. Dimon became aware of the bank’s relationship with Epstein only through news stories in 2019 surrounding Epstein’s federal charges in New York.

Lawyers for the victims have recently filed a motion to depose Dimon for a second time.