JP Morgan Chase Reaches Settlement With Victims of Jeffrey Epstein’s Abuse – JP Morgan Chase has revealed a preliminary agreement to resolve a legal case initiated by a woman who accused the prominent US bank of profiting from the sexual abuse she and numerous others experienced at the hands of disgraced financier Jeffrey Epstein. According to an insider familiar with the details, the settlement amount for the group of plaintiffs, which now includes potentially over 100 women, is estimated to be $290 million.
“We all now understand that Epstein’s behavior was monstrous, and we believe this settlement is in the best interest of all parties, especially the survivors, who suffered unimaginable abuse at the hands of this man,” JP Morgan said in a statement. “Any association with him was a mistake and we regret it. 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.”
JP Morgan Chase has revealed a preliminary agreement to resolve a legal case initiated by a woman who accused the prominent US bank of profiting from the sexual abuse she and numerous others experienced at the hands of disgraced financier Jeffrey Epstein. According to an insider familiar with the details, the settlement amount for the group of plaintiffs, which now includes potentially over 100 women, is estimated to be $290 million.
“The settlements that have been reached are both life-changing and historic for the survivors,” said victims’ attorney Sigrid McCawley of the law firm Boies Schiller Flexner. “Money, which for far too long flowed with impunity between Jeffrey Epstein’s global sex-trafficking enterprise and Wall Street’s leading banks, is decisively being used for good.” “The settlements signal that financial institutions have an important role to play in spotting and shutting down sex trafficking,” McCawley added.
Separately, Brad Edwards, attorney for other, unidentified claimants in the litigation, said he recognized “the importance of the government’s continued litigation against JPMorgan Chase to prevent future crimes” Although certain law firms representing the plaintiffs offered their services pro bono or on a contingency fee basis, the determination of legal costs by Judge Jed Rakoff is still pending until a final settlement is reached.
The current settlement being discussed is only a component of a broader civil lawsuit involving the bank, which also includes the US Virgin Islands. Epstein owned an opulent residence on a private island within the USVI, which had a reputation for hosting influential guests.Monday’s settlement could portend one with the USVI. JP Morgan vehemently denies allegations of profiting from Epstein’s sex trafficking activities and has taken legal action against Staley, who later became the CEO of Barclays.
The bank claims that Staley concealed Epstein’s crimes in order to retain him as a client. Staley, however, refutes these allegations and is scheduled to undergo a deposition. In addition, JP Morgan has countersued the government of the US Virgin Islands, asserting that Epstein maintained a “quid pro quo relationship” with several high-ranking officials in the territory over a span of 20 years. These allegations specifically target Cecile deJongh, the wife of former US Virgin Islands Governor John deJongh.
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JP Morgan accuses her of facilitating Epstein’s exploitation of women and girls by aiding him in influencing local politicians, evading the territory’s laws regarding sex offenders, and assisting in obtaining employment and visas for Epstein’s victims. The civil lawsuits against JP Morgan and Deutsche Bank were further compounded by leaks from Epstein’s business and social diaries, which included records of meetings with influential men even after his guilty plea and 18-month prison sentence for soliciting prostitution from a minor in Florida.