Topline
A judge is expected to decide Thursday whether or not to approve a $290 million settlement agreement between JPMorgan Chase and victims of notorious sex offender Jeffrey Epstein in response to claims that the bank knowingly assisted and supported Epstein’s sex trafficking operation, multiple news organizations reported.
The logo of JP Morgan bank is pictured at the new French headquarters of the bank on June 29, 2021 … [+]
Key Facts
Sixteen states and Washington, D.C. (via their respective attorneys general) are objecting to the settlement on the grounds that it will impede their ability to go after sex crimes arising from Epstein’s prostitution ring, Reuters reported.
In order for the settlement to be paid out, U.S. District Judge Jed Rakoff will have to give his final approval, after giving a preliminary signoff in June, saying it was a “really fine settlement,” according to Reuters.
The settlement agreement is between JPMorgan Chase and 100 women, who said Epstein abused them and JPMorgan Chase knew about his crimes, but actively looked the other way.
Key Background
The settlement was first agreed to in June. Epstein was a client of JPMorgan Chase, the largest bank in the U.S., from 1998 to 2013, and a lawsuit filed by Epstein’s victims alleges the bank continued to provide services to Epstein despite being aware that he was running a child prostitution operation because it allegedly knew it “would earn millions of dollars from facilitating Epstein’s sex abuse and trafficking.” JPMorgan Chase has denied any wrongdoing, but has acknowledged its relationship with Epstein was a mistake.
Tangent
This isn’t the only settlement JPMorgan Chase has agreed to over its relationship with the disgraced late financier. In September, the bank agreed to a $75 million settlement with the U.S. Virgin Islands, where prosecutors also alleged it knew about Epstein’s crimes, but looked the other way (Epstein’s alleged sex ring was run out of a home he owned on a private island in the Virgin Islands as well as his home in Florida). JPMorgan Chase also did not acknowledge any wrongdoing in this settlement. Another bank, Deutsche Bank, was also sued by victims over similar allegations. Epstein held an account with Deutsche Bank from 2013 until 2018, shortly before he died in jail while awaiting trial.
Crucial Quote
Before a settlement was reached, the lawsuits unveiled embarrassing messages sent by JPMorgan Chase executives. At one point an email from 2010 surfaced showing former executive Jes Staley telling Epstein after a visit to his home: “That was fun. Say hi to Snow White,” to which Epstein replied asking him “what character would you like next?”
Further Reading
JPMorgan Settles With Epstein Victims—And Will Reportedly Pay $290 Million (Forbes)
JPMorgan Will Pay Virgin Islands $75 Million Settlement Over Jeffrey Epstein Lawsuit (Forbes)
Jeffrey Epstein Set Up Meetings With Trump Associates—Including Peter Thiel And Thomas Barrack—Before 2016 Election, Report Says (Forbes)
Source: https://www.forbes.com/sites/willskipworth/2023/11/09/epstein-case-judge-set-to-decide-on-final-approval-for-jpmorgansettlement/