JPMorgan Chase has reached a preliminary agreement to settle a class-action lawsuit filed by a victim of Jeffrey Epstein, according to a joint statement by the bank and the woman’s lawyers. The settlement, if finalized, will resolve one claim against JPMorgan in a proposed class action. The bank is expected to pay $290 million to end the lawsuit.
JPMorgan stated that any association with Epstein was a mistake and expressed regret, emphasizing that they would not have continued doing business with him if they were aware of his criminal activities. The bank did not admit wrongdoing in agreeing to settle. JPMorgan still faces other legal challenges related to Epstein, including a lawsuit by the government of the US Virgin Islands and ongoing litigation against its former executive Jes Staley.
Deutsche Bank, where Epstein was also a client, recently agreed to pay $75 million to settle a similar lawsuit. The settlements highlight the role of financial institutions in addressing and preventing sex trafficking.
