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Business Maverick

JPMorgan to Pay $290 Million to Settle Epstein Victims Suit

JPMorgan to Pay $290 Million to Settle Epstein Victims Suit
The JPMorgan Chase & Co. offices during in London, U.K., on Wednesday, May 4, 2022. (Photo: Chris Ratcliffe/Bloomberg)

JPMorgan Chase & Co. is prepared to pay $290 million to settle a lawsuit alleging it knowingly benefited from former client Jeffrey Epstein’s sex trafficking, according to a person familiar with the matter.

The firm reached an “agreement in principle” to settle the proposed class action filed by an unnamed Epstein victim late last year, JPMorgan said in a statement Monday.

“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,” the New York-based bank said. “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 bank makes no admission of liability in connection with the settlement, according to the person, who asked not to be named discussing the matter because it is private.

The New York Times reported the amount of the settlement earlier.

The deal with the victim identified only as Jane Doe doesn’t end JPMorgan’s legal headache over its ties to Epstein. It’s still facing a lawsuit by the US Virgin Islands, where the financier had a private retreat where he brought several of his victims. The bank is also litigating its own case against former private-banking head Jes Staley, who JPMorgan says should be held responsible for damages it incurs over its Epstein ties.

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