JPMorgan to pay $290m in Epstein-linked class-action lawsuit

JPMorgan Chase is set to pay a substantial sum to settle a class-action lawsuit involving a sufferer of Jeffrey Epstein, in accordance with a joint statement from the bank and the woman’s legal representatives. The proposed settlement would see JPMorgan pay out US$290 million, resolving one declare in opposition to the bank in a class-action lawsuit filed by a lady who alleges Epstein abused her.
Epstein, a billionaire financier, was arrested in 2019 on federal charges of paying underage women hundreds of dollars for massages, solely to molest them at his properties in Florida and New York. He was discovered dead in jail on August 10 of the same year at the age of sixty six, together with his demise dominated as suicide by a health worker.
In a press release, JPMorgan stated, “Any affiliation with him [Epstein] was a mistake and we remorse it. We would never have continued to do enterprise with him if we believed he was utilizing our financial institution in any means to assist commit heinous crimes.”
The lawsuits declare that JPMorgan offered Epstein with loans and often permitted large cash withdrawals from 1998 to 2013, despite being conscious of his involvement in intercourse trafficking. The nameless sufferer, referred to as Jane Doe, acknowledged she was sexually abused by Epstein from 2006 to 2013.
Manageable , the most important financial institution in the United States, remains to be dealing with a lawsuit from the federal government of the US Virgin Islands, the place Epstein owned two neighbouring islands and allegedly abused victims in his mansion.
Additionally, the bank’s litigation in opposition to former executive Jes Staley, who is accused of concealing his information about Epstein, is ongoing. Staley has expressed regret for befriending Epstein however denies any data of the alleged sex trafficking. His legal professionals didn’t immediately respond to a request for remark.
The proposed class-action lawsuit accuses JPMorgan of ignoring internal warnings about Epstein’s sexual abuse of girls and younger ladies, choosing to keep him as a client. The bank continued to work with Epstein even after his 2006 arrest on prostitution-related expenses and a related guilty plea in 2008.
Last month, Deutsche Bank agreed to pay US$75 million to settle a similar lawsuit by women who claim they had been trafficked by Epstein. Sigrid McCawley, a lawyer for Jane Doe 1 who sued JPMorgan, said in an announcement, “The settlements signal that financial institutions have an important function to play in spotting and shutting down intercourse trafficking.”
The settlement partially resolves a uncommon public relations concern for Jamie Dimon, who has been JPMorgan’s chief government since 2006. Dimon testified underneath oath in May that he had barely heard of Epstein till his July 2019 arrest and didn’t recall discussing Epstein’s accounts with different bank officials, together with those authorised to terminate Epstein as a client..

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