According To Reuters: JPMorgan Chase (JPM.N) agreed to pay about $290 million to settle a class action lawsuit by victims of Jeffrey Epstein, a person familiar with the matter said, resolving a large part of litigation over the bank’s relationship with the disgraced financier.
The largest U.S. bank said on Monday in a joint statement with the lawyers for the woman who sued JPMorgan Chase that it had agreed in principle to settle the class action lawsuit.
JPMorgan Chase did not admit wrongdoing in agreeing to settle according to the person familiar, who spoke on condition of anonymity.
“Any association with him (Epstein) was a mistake and we regret it,” JPMorgan said. “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 bank is still facing a lawsuit by the government of the U.S. Virgin Islands, where Epstein owned two neighboring islands and was suspected of abusing victims in his mansion.
The proposed class action lawsuit said JPMorgan ignored internal warnings about Epstein’s sexual abuses of girls and young women.
JPMorgan kept Epstein as a client of the bank from 1998 until he was dropped in 2013 even after his 2006 arrest on prostitution-related charges and a related guilty plea two years later.
JPMorgan’s litigation against its former executive Jes Staley, who it accuses of concealing what he knew about Epstein, is continuing.
”READ FULL ARTICLE: https://www.reuters.com/legal/jpmorgan-agrees-settle-with-epstein-victim-class-action-suit-2023-06-12/
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