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JPMorgan Chase Settles With Jeffrey Epstein’s Victims For $296 Million But Denies Liability
JP Morgan Chase settled with the late Jeffrey Epstein’s sexual victims for a whopping $296 million on Monday.
The victims sued the financial institution for facilitating the costs for Epstein’s sex trafficking operations for decades while he was a JP Morgan Chase high client from 2000 - 2013.
The financial institution has claimed no liability and insists that the settlement is in the interests of all parties.
Nevertheless, the settlement timing is remarkably noted.
It comes on the heels of the victims’ lawyers requesting a second deposition of JP Morgan Chase’s CEO Jamie Dimon.
During Dimon’s first deposition in late May, Dimon had testified that he had never heard of Epstein and his crimes until he was arrested in 2019 even though Epstein was arrested in 2006, pled guilty, was incarcerated, and was a registered Tier 3 convicted sex offender
Dimon said he first heard of Epstein in 2019 “when the story blew wide open. He was arrested, and all the stories came out about all the people he knows. And the reason I remember that is I was surprised that I didn’t know about it before.”
During the discovery in this case, JP Morgan’s internal compliance documents revealed that Epstein had been identified as a high risk client with a criminal record dating back to October 2006 when he was first arrested.
For years, the late Jeffrey Epstein paid cash to his victims, flew them around the world on his private jets and commercial flights, paid for their tuition and apartments and paid alleged co-conspirators’ salaries for booking the victims with Epstein.
The victims were paid in cash from Epstein’s JP Morgan accounts.
Ghislaine Maxwell, one of Epstein’s former paramours, was sentenced to 20 years for sex trafficking in June 2022.
During Maxwell’s trial, it was revealed that Epstein moved approximately $31 million to Maxwell’s accounts from his JP Morgan Chase accounts.
When asked during his deposition if he had heard of Epstein before Epstein’s 2019 arrest, if he'd ever heard the name Jeffrey Epstein, Dimon replied, “Not that I recall.”
Dimon’s deposition emanated from two lawsuits filed against JP Morgan Chase on behalf of Epstein victims and the U.S. Virgin Islands in New York federal court where the plaintiffs are seeking to hold the JPMorgan financially liable for Epstein's long history of sexual abuse.
JP Morgan, alternatively, is claiming Jes Staley, a former employee, who had both a personal and professional relationship with Epstein, hid Epstein’s crimes from the institution.
Staley visited Epstein in Florida during the course of his incarceration after Epstein pleaded guilty to soliciting a minor for sex.
Although Staley reported directly to Dimon at times while at JP Morgan, Dimon claims Staley never mentioned Epstein to him.
Alternatively, Staley has claimed in his deposition that he did have conversations about Epstein with Dimon.
Two other JP Morgan have confirmed that they too were informed of Epstein’s crimes as early reported by CDM.
The court will have to approve this settlement.
A joint statement from JPMorgan and the victims’ attorneys said they “have informed the court that they have reached an agreement in principle to settle the putative class action lawsuit related to Jeffrey Epstein’s crimes.”
Upon the settlement’s approval, the bank will release a statement regretting its association with Epstein.
The bank and the victims’ lawyers said the settlement is in the best interests of all parties, “especially the survivors who were the victims of Epstein’s terrible abuse,” according to the joint statement.
The victims’ lawyers called the settlement “life changing and historic.”
“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,” said Sigrid McCawley, managing partner at the firm Boies Schiller Flexner. “The settlements signal that financial institutions have an important role to play in spotting and shutting down sex trafficking.”
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