BREAKING: JP Morgan reaches settlement with Epstein victims after class action lawsuit revealed how the bank ignored warnings that he was a ‘high-risk client’ and for years
- The bank did business with Epstein for years despite designating him as a ‘high-risk client’ in 2006
- The lawsuit was filed on behalf of one woman, but the settlement awards up to 100
JP Morgan has settled a lawsuit filed on behalf of Jeffrey Epstein’s victims that revealed how the bank ignored warnings that he was a “high-risk” customer and continued to do business with him for years.
The bank announced the settlement on Monday without disclosing how much it had agreed to pay.
The lawsuit was filed on behalf of one woman, but the settlement rewards anyone who fell victim to Epstein, a known pedophile who committed suicide in prison in 2019.
The number of victims that could benefit from the settlement could be as high as 100.
The bank announced the settlement on Monday without disclosing how much it had agreed to pay
“The parties believe that this settlement is in the best interests of all parties, especially the survivors who were victims of Epstein’s horrific abuse,” said a statement released Monday morning by JP Morgan.
Epstein was a client of the bank from 1998 to 2013 — seven years after he was arrested and convicted of using underage prostitutes in Palm Beach, Florida.
Bank employees were concerned about Epstein’s large cash withdrawals, some of which were used to pay underage girls in exchange for sex, but he was allowed to remain a customer for years.
According to statements that were part of the lawsuit, he would regularly withdraw between $40,000 and $80,000 a month.
The recordings set alarm bells ringing among compliance officials, but he explained them away by claiming that they were fuel and landing fees for his private jet.
The bank is still embroiled in a separate lawsuit brought by the government of the US Virgin Islands, where Epstein owned a home and allegedly molested dozens of girls.
Last year, the same lawyers successfully sued Deutsch Bank — which took on Epstein as a client after JP Morgan eventually cut ties with him in 2013 — over the same allegations.
Deutsch Bank settled for a preliminary sum of $75 million and was fined $100 million by New York regulators.
Epstein died in custody pending a sex trafficking trial. In his absence, Ghislaine Maxwell is the only person to face criminal charges for his crimes.
She is currently serving a 20-year sentence after being convicted of facilitating the abuse.
“The parties believe that this settlement is in the best interests of all parties, especially the survivors who were victims of Epstein’s horrific abuse,” JP Morgan said in a statement Monday morning.