JPMorgan settles declare with Jeffrey Epstein victims for $290m

US financial institution JPMorgan has agreed to pay $290m (£232m) to victims of convicted intercourse trafficker Jeffrey Epstein to settle claims the financial institution knowingly financially benefitted from Mr Epstein’s crimes.

A category motion lawsuit was taken towards the Wall Street lender by victims of Mr Epstein, who say it turned a blind eye to the indicators he was trafficking younger girls, together with processing sufferer settlements and funding transport.

The swimsuit alleged JPMorgan benefited from the offers and shoppers Mr Epstein, as a profitable financier, delivered to the financial institution and “knowingly facilitated, sustained and concealed” money withdrawals used to pay his victims.

Details of the “agreement in principle” settlement usually are not public however it’s price a reported $290m to the nameless victims.

Mr Epstein was a consumer of JPMorgan from 1998 to 2013 earlier than the financial institution minimize ties with him. He was convicted for soliciting a minor for prostitution in 2008 however held hundreds of thousands of {dollars} throughout greater than 50 JPMorgan accounts for 5 years following the conviction.

The case towards JPMorgan had been rising as victims requested a federal decide on Friday to permit new proof to be taken from former chief govt on the financial institution, Jamie Dimon, in addition to different witnesses.

The financial institution can be being sued by the federal government of the US Virgin Islands, the place Mr Epstein had a non-public island, alleging the financial institution missed crimson flags about his abuse within the territory.

Settling the case is “in the best interests of all parties, especially the survivors who were the victims of Epstein’s terrible abuse”, the JPMorgan authorized group mentioned.

“Any association with [Mr Epstein] 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 financial institution had did not have the costs towards it dismissed in March, when a decide dominated it should face the category motion.

In flip JPMorgan is pursuing authorized motion towards former chief govt Jes Staley over his hyperlinks to Mr Epstein, in search of to carry him personally chargeable for monetary penalties it pays and drive him to pay again wages earned when he was allegedly conscious of Epstein‘s sexual abuse.

Mr Epstein died aged 66 in a Manhattan jail cell in August 2019 whereas awaiting trial for intercourse trafficking.

Deutsche Bank, his financial institution from 2013, can be being sued by victims.