Wall Street giant JPMorgan Chase will pay out $290 million to victims of deceased financier Jeffrey Epstein’s human trafficking ring that targeted minor girls.
According to CNBC, an unidentified victim, “Jane Doe 1,” filed a class action lawsuit on behalf of more than 40 women. She accused the financial firm of ignoring evidence for years that the man they were in business with trafficked young females for wealthy friends.
The bank’s financial relationship with Epstein spanned 15 years, and NBC reported that it did not end its dealings with him until 2013. That was a full five years after he was convicted of procuring a child for prostitution.
It is alleged that Epstein committed suicide while be held on new charges.
JPMorgan Chase said the settlement of $290 million is not an admission of guilt. It further called Epstein’s actions “monstrous” and expressed regret for taking him on as a client.
JPMorgan Chase HAS REACHED A SETTLEMENT OF $290,000,000 OVER THE JEFFREY EPSTEIN CASE!
WHEN THEY ARE WILLING TO PAY THAT MUCH TO BURY THIS THING…
IMAGINE HOW MUCH WORSE IT IS THAN WE ARE BEING TOLD!!!
I WILL NOT REST UNTIL EVERY LAST ONE OF THEM IS EXPOSED. #EpsteinClientList
— Matt Wallace (@MattWallace888) June 12, 2023
The bank said it was in the “best interest of all parties, especially the survivors, who suffered unimaginable abuse at the hands of this man.” It said it would have never continued to conduct business with Epstein if it knew the bank helped facilitate his “heinous crimes.”
Details of the “agreement in principle” have not been released. It came weeks after JPMorgan Chase CEO Jamie Dimon was deposed by lawyers for the victims.
Reuters reported the payment will reach roughly 100 women.
According to NBC, the bank is involved in its own legal action against former JPMorgan Chase executive Jes Staley. He is being sued by his former employer, which accused him of enabling Epstein’s crimes.
The bank wants Staley to be held financially responsible for the settlement reached with the victims and to repay eight years of salary. Staly, who was employed by JPMorgan Chase for 30 years, is accused of helping cover up Epstein’s trafficking ring and engaging in illicit activity with the victims.
The bank faces another suit from the U.S. Virgin Islands, though it is actively fighting against this legal action. The accusers allege that the institution knew of Epstein’s illegal activities on the island.
However, CNBC reported the bank believes that the Virgin Islands government also knew of Epstein’s crimes. That trial is set to begin in October.