JP Morgan reaches settlement with Epstein victims
The undisclosed settlement resolves one declare towards JPMorgan in a proposed class motion by a lady who says Epstein abused her.
The lawsuit filed in Manhattan federal court docket in November sought to carry JPMorgan financially responsible for Epstein’s decades-long abuse of teenage women and younger ladies.
“We all now understand that Epstein’s behaviour 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,” JPMorgan Chase mentioned in a written assertion early Monday.
According to the lawsuits, JPMorgan supplied Epstein loans and often allowed him to withdraw massive sums of money from 1998 by way of August 2013 although it knew about his intercourse trafficking practices.
“Any association with him (Epstein) was a mistake and we regret it,” JPMorgan continued. “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.”
JPMorgan saved Epstein, who was a consumer of the financial institution from 1998 till he was dropped in 2013, aboard even after his 2006 arrest on prostitution-related fees and a associated responsible plea two years later.
“The settlements signal that financial institutions have an important role to play in spotting and shutting down sex trafficking,” Sigrid McCawley, a lawyer for the lady often called Jane Doe 1 who sued JPMorgan, mentioned in an announcement.
Epstein was arrested in 2019 on federal fees accusing him of paying underage women lots of of {dollars} in money for massages after which molesting them at his properties in Florida and New York. He was discovered lifeless in jail on August 10 of that yr, at age 66. A health worker dominated his loss of life a suicide.
Deutsche Bank, the place Epstein was a consumer from 2013 to 2018, final month agreed to pay $75 million to settle an identical lawsuit by ladies who say they have been trafficked by the financier.