JP Morgan has come to an agreement to pay $290m (£232m) in order to settle a lawsuit that accuses the bank of knowingly benefiting from the sex-trafficking activities of its former client, Jeffrey Epstein.
The banking giant states that it has reached an “agreement in principle” to settle the proposed class action initiated by an anonymous victim of Epstein late last year.
JP Morgan acknowledges, “We now understand that Epstein’s behavior was abhorrent, and we believe that this settlement is the best course of action for all parties involved, particularly the survivors who experienced unimaginable abuse at the hands of this man.
“Any affiliation with him was an error, and we regret it. We would not have continued doing business with him had we known he was using our bank to facilitate heinous crimes.”
It is important to note that JP Morgan has not admitted any wrongdoing as part of this settlement.
David Boies, the attorney representing the victims, comments, “When viewed collectively or individually, the significant financial recoveries from the banks that provided services to Jeffrey Epstein speak volumes. It has taken far too long, but today marks a significant victory for Jeffrey Epstein survivors.”
However, the settlement made with the victim, referred to as Jane Doe, does not completely resolve JP Morgan’s legal troubles regarding its historical connections to the deceased child sex offender.
The bank still faces a similar lawsuit filed by the US Virgin Islands (USVI), where Epstein had a private retreat where he would bring many of his victims.
Furthermore, JP Morgan is also engaged in litigation against Jes Staley, its former head of private wealth who later went on to lead Barclays.
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