Bank / Credit Union

JPMorgan reaches settlement with Jeffrey Epstein victims

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June 13, 2023

JPMorgan Chase has reached a settlement with victims of the late Jeffrey Epstein, who ran a sex trafficking ring. The lawsuit claimed JPMorgan continued to work with Epstein after discovering his sexual abuse and helped facilitate his sex trafficking, according to a CNBC report.

The bank is prepared to pay $290 million to victims without an admission of liability. One woman identified as Jane Doe sued on behalf of several victims.

"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," JPMorgan 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."

The bank officially cut ties with Epstein in 2013, however the U.S. Virgin Islands has a separate open litigation against the bank, claiming the bank continued to work with Epstein after learning of his activities. Jamie Dimon, CEO of JPMorgan Chase, said he barely knew of Epstein, and the bank claims Dimon did not look into Epstein's accounts.

However, the bank has said that former executive Jes Staley, who was friends with Epstein, is responsible for any civil liability as he was in contact with Epstein.

"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," a spokesperson for the U.S. Virgin Islands, told CNBC. "The U.S Virgin Islands is committed to protecting women and girls who could otherwise become victims going forward."