Current:Home > MarketsJPMorgan reaches $290 million settlement with Jeffrey Epstein victims -StockSource
JPMorgan reaches $290 million settlement with Jeffrey Epstein victims
View
Date:2025-04-18 15:15:21
JPMorgan Chase has agreed to settle with victims of Jeffrey Epstein over claims the bank overlooked the deceased financier's sex trafficking and abuse because it wanted to profit from a banking relationship with him.
The lawsuit, filed in November by an unnamed victim of Epstein's on behalf of herself and other victims, claimed that Epstein would have been unable to engage in his sex-trafficking operation without the support of JPMorgan.
The settlement amount wasn't disclosed in the statement, which was issued jointly by JPMorgan and an attorney representing Epstein's victims. But a source familiar with the matter said JPMorgan will pay $290 million to settle the suit.
Litigation remains pending in a separate case filed in the U.S. Virgin Islands against JPMorgan Chase, which also alleges that the bank ignored evidence of human trafficking to profit from its business with Epstein.
According to the lawsuit, JPMorgan loaned money to Epstein and regularly allowed him to withdraw large sums of cash from 1998 through August 2013, even though it knew about his sex-trafficking practices. The settlement comes after JPMorgan CEO Jamie Dimon testified that he never heard of Epstein and his crimes until the financier was arrested in 2019, according to a transcript of the videotaped deposition released last month.
"We regret it"
In a statement emailed to CBS MoneyWatch, JPMorgan called Epstein's behavior "monstrous."
"Any association with him was a mistake and we regret it," it 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."
It added, "[W]e believe this settlement is in the best interest of all parties, especially the survivors, who suffered unimaginable abuse at the hands of this man."
JPMorgan's settlement comes less than a month after Deutsche Bank agreed to pay $75 million to settle a lawsuit claiming that the German bank "knowingly benefited" from Epstein's sex trafficking, profiting from doing business with him.
With reporting by the Associated Press.
- In:
- JPMorgan Chase
- Jeffrey Epstein
veryGood! (44432)
Related
- The 401(k) millionaires club keeps growing. We'll tell you how to join.
- Manufacturer of Patrick Mahomes' helmet: Crack 'not ideal,' but equipment protected QB
- Jordan Love's incredible rise validates once-shocking move by Packers GM Brian Gutekunst
- The Quantitative Trading Journey of Linton Quadros
- Paula Abdul settles lawsuit with former 'So You Think You Can Dance' co
- Alabama execution using nitrogen gas could amount to torture and violate human rights treaties, U.N. warns
- Cicadas are back in 2024: Millions from 2 broods will emerge in multiple states
- Wrestler Hulk Hogan helps rescue teenage girl trapped after Florida car crash
- Retirement planning: 3 crucial moves everyone should make before 2025
- Federal lawsuit accuses NY Knicks owner James Dolan, media mogul Harvey Weinstein of sexual assault
Ranking
- Intellectuals vs. The Internet
- Bills face more weather-related disruptions ahead AFC divisional playoff game vs. Chiefs
- Asa Hutchinson drops out of 2024 GOP presidential race after last-place finish in Iowa
- California emergency services official sued for sexual harassment, retaliation
- Don't let hackers fool you with a 'scam
- Linton Quadros - Founder of EIF Business School
- Bobi was named world’s oldest dog by Guinness. Now his record is under review.
- A freed Israeli hostage relives horrors of captivity and fears for her husband, still held in Gaza
Recommendation
New data highlights 'achievement gap' for students in the US
Russia’s intense attacks on Ukraine has sharply increased civilian casualties in December, UN says
Saints fire longtime offensive coordinator Pete Carmichael, last member of Sean Payton regime
EIF Tokens Give Wings to AI Robotics Profit 4.0's Dreams
What do we know about the mysterious drones reported flying over New Jersey?
EIF Tokens Give Wings to AI Robotics Profit 4.0's Dreams
Proposed Louisiana congressional map, with second majority-Black district, advances
Top NATO military officer urges allies and leaders to plan for the unexpected in Ukraine