JPMorgan Chase has agreed to pay victims of Jeffrey Epstein’s alleged sex trafficking ring $290 million.
An unnamed victim known as “Jane Doe 1” filed the class action lawsuit on the behalf of more than 40 women, CNBC reported. She claimed that for years the bank ignored red flags pointing to Epstein’s sexual abuse of women and children.
After servicing him for 15 years, the bank severed ties with Epstein in 2013 — five years after Epstein was convicted of procuring a child for prostitution, NBC reported. Epstein reportedly killed himself while being held by federal authorities for sex trafficking charges.
The bank said the settlement is not an admission of guilt, Reuters reported.
“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 bank said.
In a separate statement the bank said they regret their association with Epstein.
“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.”
Former JPMorgan Chase executive Jes Staley is being sued by the bank, which is accusing Staley of enabling Epstein’s conduct. The bank said he should be held financially responsible for the settlement and wants eight years of pay returned. A 30-year employee of the bank, Staley is accused of covering up Epstein’s alleged sex-trafficking ring and engaging in “sexual activity with young women procured by Epstein,” NBC reported.
The settlement comes a month after Deutsche Bank settled a $75 million lawsuit brought by women who say they were trafficked by Epstein. He was a client of the bank from 2013 to 2018.
“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 woman known as Jane Doe 1, who sued JPMorgan, said in a statement,” Reuters reported.
The bank also faces a lawsuit by the United States Virgin Islands, alleging that the bank knew of the multimillionaire’s illicit activity on his island. However, the bank is fighting back and accusing the government of being “complicit in the crimes of Jeffrey Epstein,” CNBC reported.
The trial is set for October 23.