JPMorgan to pay $290 million to settle with Epstein victims – Times of India
JPMorgan Chase reached a tentative settlement with sexual abuse victims of Jeffrey Epstein, the deceased financier, after weeks of embarrassing disclosures about the bank’s longstanding relationship with him, the bank and lawyers for the victims said in a statement on Monday.
David Boies, one of the lead lawyers for the victims, said the bank was prepared to pay $290 million to resolve the lawsuit. The parties initially had agreed not to disclose the settlement amount in their joint statement, as it was set to be included in a court filing within the next week. The proposed deal would settle a lawsuit filed last November in Manhattan federal court by an unidentified woman on behalf of victims who were sexually abused by Epstein over a roughly 15-year period when they were teenage girls and young women, the suit said. The number of victims could potentially rise to more than 100. Epstein killed himself in August 2019 in a Manhattan jail cell a month after his arrest.
The lawsuit filed by the victims claimed that JPMorgan ignored repeated warnings that Epstein had been trafficking teenage girls and young women for sex, even after he registered as a sex offender and pleaded guilty in a 2008 Florida case to soliciting prostitution from a teenage girl. The complaint said the bank overlooked red flags in Epstein’s activity because it valued him as a wealthy client who had access to dozens of even wealthier people. JPMorgan had provided banking services for Epstein from roughly 1998 to 2013.
David Boies, one of the lead lawyers for the victims, said the bank was prepared to pay $290 million to resolve the lawsuit. The parties initially had agreed not to disclose the settlement amount in their joint statement, as it was set to be included in a court filing within the next week. The proposed deal would settle a lawsuit filed last November in Manhattan federal court by an unidentified woman on behalf of victims who were sexually abused by Epstein over a roughly 15-year period when they were teenage girls and young women, the suit said. The number of victims could potentially rise to more than 100. Epstein killed himself in August 2019 in a Manhattan jail cell a month after his arrest.
The lawsuit filed by the victims claimed that JPMorgan ignored repeated warnings that Epstein had been trafficking teenage girls and young women for sex, even after he registered as a sex offender and pleaded guilty in a 2008 Florida case to soliciting prostitution from a teenage girl. The complaint said the bank overlooked red flags in Epstein’s activity because it valued him as a wealthy client who had access to dozens of even wealthier people. JPMorgan had provided banking services for Epstein from roughly 1998 to 2013.
