The finance giant JP Morgan Chase has agreed to be a victim of Jeffrey Epstein, a settlement of $290 Million. It is to pay this amount to settle a lawsuit with the victims. An official of the finance house stated that this settlement was to resolve a major portion of the pending litigation owing to Mr. Epstein, a once-valued client of JP Morgan. It is to be noted that JPMorgan Chase did not admit to any responsibility for Epstein’s wrongdoing to its clients.
This settlement was carried out on June 12th in New York. The lawsuit in question was a class action lawsuit lodged by the numerous victims of Jeffery Epstein. This lawsuit was a result of multiple disclosures. JPMorgan had ignored red flags about the disgraced financier, Mr. Epstein. The late Mr. Epstein had been a client of the American multinational Bank JPMorgan Chase & Company since 1998.
The bank went on to maintain a relationship with Mr. Epstein even after he was arrested in 2006 on prostitution charges. The class action lawsuit was brought by more than a hundred victims of Mr. Epstein. Many of them have claimed that he abused them when they were young and merely teenage girls.
Experts have gained that the bank has probably chosen to keep quiet on the matter because its association with a human trafficking criminal reflected poorly on its business.
Mr. Jeffrey Epstein was first arrested in 2008 after pleading guilty to sexually abusing a 14-year-old girl. The charges laid against him were procuring a child for prostitution and solicitation.
The bank has not admitted any wrongdoing on its part concerning the case. However, JPMorgan Chase went on to say that being associated with Mr. Epstein was indeed a mistake. The lawsuit filed by the victim stated that the bank went on to ignore all the red flags after the sexual abuse accusations were brought against Mr. Epstein.
Mr. Epstein had served almost a year and a month in prison but enjoyed an extensive work permit from the court. The officials were able to identify more than 35 girls, all aged close to 14 years, whom Epstein had allegedly abused sexually. He ended up being arrested again in 2019 on charges of sex trafficking of minors in the states of Florida and New York.
Mr. Epstein was found dead in his prison cell in 2019.
JPMorgan Chase went on record to state that associations with Mr. Epstein were a mistake that they regretted. Also, had they known that the bank was being used to commit crimes, they would not have continued to do business with him. The bank has also taken legal action against its former executives who were closely associated with him. Mr. Staley, a former associate, is being sued for hiding details regarding Mr. Epstein.
In addition to JP Morgan and Chase, the Deutsche Bank has also agreed to pay 75 Million dollars in settlement to the victims of Mr. Epstein. The bank had been in association with him since 2013.
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Great article post.Really thank you! Much obliged.