JP Morgan has agreed to settle a lawsuit that accused the mega-bank of facilitating Jeffrey Epstein’s illicit sex trafficking network.
The $290 million settlement will be paid to a class of plaintiffs that has grown to more than 100 women, an unnamed source told The Guardian. The settlement is just one part of a civil action brought against the bank, which included a prosecutor for the U.S. Virgin Islands who accused JP Morgan of knowingly facilitating the financial aspect of the sex trafficking ring.
“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,” JP Morgan 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 June 12 settlement announcement comes less than a month after Deutche Bank agreed to pay $75 million to close out a similar lawsuit by Epstein victims.
“The settlements that have been reached are both life-changing and historic for the survivors,” said Sigrid McCawley, the victims’ attorney and managing partner at Boies Schiller Flexner. “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.”
McCawley added, “The settlements signal that financial institutions have an important role to play in spotting and shutting down sex trafficking.”
JP Morgan did not admit to any wrongdoing as part of the agreement, and still has active litigation pending against a former executive, Jes Staley, who the bank says is solely responsible for maintaining the company’s relationship with Epstein.
Former Virgin Islands Attorney General Denise George said Staley developed a “close relationship” with Epstein while serving at JP Morgan. Her office obtained records showing that Staley exchanged at least 1,200 e-mails with Epstein, indicating what prosecutors called a “profound” relationship between the two men.
