Victims of Jeffrey Epstein have formally requested a preliminary approval from a US judge for JPMorgan Chase’s $290 million settlement. The settlement aims to resolve claims that the bank turned a blind eye to Epstein’s sexual abuses. Lawyers representing the victims filed a document in a Manhattan federal court on Thursday, stating that the proposed settlement was fair and reasonable given the risks of further litigation and JPMorgan’s denial of involvement in Epstein’s sex trafficking.
The settlement covers women who were sexually abused or trafficked by Epstein between January 1, 1998, and his death in August 2019. It requires the approval of US District Judge Jed Rakoff in Manhattan. JPMorgan had been Epstein’s client from 1998 to 2013 when the bank terminated his accounts.
The victims, led by a former ballet dancer known as Jane Doe 1, claimed that the bank overlooked red flags of Epstein’s abuses and maintained contact with him even after he officially left. JPMorgan acknowledged this month that its association with Epstein was a mistake and expressed regret for it.
The victims’ lawyers plan to seek up to 30% of the settlement amount for legal fees. These lawyers also represented Epstein victims in a similar $75 million settlement with Deutsche Bank, where Epstein was also a client. Judge Rakoff preliminarily approved that settlement on June 16.
Both JPMorgan and Deutsche Bank continued working with Epstein for several years after his 2008 guilty plea for soliciting a minor for prostitution. JPMorgan has separately faced allegations that Jane Doe 1 was sexually abused by Jes Staley, a former private banking chief and Epstein’s friend. Staley left JPMorgan in 2013 and served as Barclays’ chief executive from 2015 to 2021.
Epstein died by suicide at the age of 66 while awaiting trial on sex trafficking charges. JPMorgan is also facing a lawsuit from the US Virgin Islands over Epstein, as he owned two neighboring islands there. The bank is suing Staley to recover its losses in that lawsuit and the class action, as well as seeking the return of eight years of compensation.
The case is titled Doe 1 v JPMorgan Chase Bank NA, filed in the US District Court, Southern District of New York, with the case number 22-10019.
Post Your Comments