JPMorgan settles with Epstein victims just as case becomes class-action lawsuit

JPMorgan Chase said Monday it has tentatively agreed to settee claims by victims of the intersexual predator Jeffrey Epstein.

Terms of the colony successful U.S. District Court successful Manhattan were not disclosed successful the announcement, which came conscionable hours earlier a justice ruled that the lawsuit tin proceed arsenic a class-action lawsuit.

"The parties successful Jane Doe 1 v. JPMorgan Chase Bank, N.A. person informed the Court that they person reached an statement successful rule to settee the putative people enactment suit related to Jeffrey Epstein's crimes, which is taxable to tribunal approval," the slope said successful a quality release.

"The parties judge this colony is successful the champion interests of each parties, particularly the survivors who were the victims of Epstein's unspeakable abuse," JPMorgan added.

The colony announcement comes 1 period aft Deutsche Bank, wherever Epstein became a lawsuit aft helium was forced retired by JPMorgan successful 2013, settled with Epstein victims for $75 million. JPMorgan's litigation with the U.S. Virgin Islands is ongoing.

Monday's colony stems from claims filed past twelvemonth by an unnamed woman, utilizing the pseudonym Jane Doe, that the slope knowingly benefited from and facilitated Epstein's enactment trafficking operation. The woman, who alleges she was raped and trafficked, sued connected behalf of a "large number" of different victims of that operation.

"We each present recognize that Epstein's behaviour was monstrous, and we judge this colony is successful the champion involvement of each parties, particularly the survivors, who suffered unimaginable maltreatment astatine the hands of this man," JPMorgan said successful a abstracted connection Monday morning.

"Any relation with him was a mistake and we regret it. We would ne'er person continued to bash concern with him if we believed helium was utilizing our slope successful immoderate mode to assistance perpetrate heinous crimes," the slope said.

Brad Edwards, an lawyer for the pb plaintiff successful the case, lauded the "enormously valuable" enactment the Virgin Islands provided to Epstein's victims. "We admit the value of the government's continued litigation against JPMorgan Chase to forestall aboriginal crimes," Edwards said successful a statement.

In a tribunal sentiment posted aboriginal Monday morning, Judge Jed Rakoff wrote that the plaintiffs conscionable the requirements to signifier a class-action suit.

The justice wrote that the excavation of alleged victims successful the lawsuit apt exceeds the 40-person threshold for people certification, rebuffing JPMorgan's calculation of 32 radical with viable claims.

"Even if the projected people is restricted to radical who were sexually abused oregon trafficked by Jeffrey Epstein aft JP Morgan, allegedly, either knew oregon should person known of Epstein's sex-trafficking venture, the people apt contains good implicit 40 people," Rakoff wrote.

JPMorgan remains headed for an Oct. 23 proceedings with the U.S. Virgin Islands successful its suit implicit the bank's narration with Epstein. JPMorgan's claims against erstwhile enforcement Jes Staley, who was friends with Epstein, are besides active, the slope said. JPMorgan argues that Staley is liable for immoderate civilian liability a assemblage mightiness find successful the Epstein case. It is besides looking to claw back much than $80 cardinal successful wage from the erstwhile executive.

"We are gratified to perceive astir the colony that volition supply victims of Jeffrey Epstein immoderate compensation for JPMorgan Chase's relation successful facilitating Epstein's crimes against them," a spokesperson for the Virgin Islands lawyer wide said successful a statement.

"The U.S. Virgin Islands volition proceed to proceed with its enforcement enactment to guarantee afloat accountability for JPMorgan's violations of instrumentality and forestall the slope from assisting and profiting from quality trafficking successful the future. The U.S Virgin Islands is committed to protecting women and girls who could different go victims going forward," the spokesperson said.

The unfortunate and the Virgin Islands, wherever Epstein owned a backstage land wherever helium would sexually maltreatment girls, some assertion JPMorgan continued moving with Epstein aft learning helium had been a predator, and facilitated his enactment trafficking crimes. The Virgin Islands' government, however, is pushing forward, pointing to aggregate caller exhibits featuring email chains that amusement much interest wrong the slope astir Epstein than was antecedently known, particularly among its ineligible and compliance staff.

The announcement comes much than a week aft JPMorgan CEO Jamie Dimon gave a deposition successful the Epstein cases. On Friday, lawyers for the Epstein victim, called Jane Doe 1 successful documents, asked the tribunal to reopen Dimon's deposition.

The accuser's lawyers besides sought to reopen the depositions of Mary Erdoes, who is CEO of JPMorgan's plus and wealthiness absorption division; Mary Casey, who was Epstein's banker for astir a decennary astatine JPMorgan; and a 4th person, lone identified successful the filing arsenic JPMorgan's "representative." All 4 would beryllium asked astir documents turned implicit aft their archetypal depositions, according to a filing.

JPMorgan has denied wrongdoing and says it regrets having had Epstein arsenic a client. Dimon had said helium hardly knew of Epstein until 2019, erstwhile national authorities arrested him.

One of the late-produced documents was a timeline that referenced emails successful which Staley, the one-time JPMorgan executive, asks Epstein a question. (Staley near different large bank, Barclays, successful precocious 2021 aft a probe into his Epstein relationship.)

"Plaintiff would person confronted JPMC's CEO, Mr. Dimon, with this papers during his deposition had it been produced successful a timely manner," a ineligible filing said.

JPMorgan has said Dimon did not reappraisal Epstein's accounts erstwhile helium was a lawsuit determination from 1998 done 2013, which is erstwhile JPMorgan severed its narration with him. That termination happened years aft aggregate concerns were raised wrong the slope astir keeping him arsenic a lawsuit and 5 years aft helium pleaded blameworthy to a Florida authorities complaint of soliciting enactment from a minor.

Epstein died successful 2019 from termination successful a New York jail, weeks aft national authorities charged him with trafficking girls for sex.

Despite his transgression history, Epstein nevertheless cultivated friendships and relationships among the richest, astir almighty radical successful the world, including Microsoft co-founder Bill Gates, Prince Andrew of the U.K. and erstwhile Presidents Bill Clinton and Donald Trump.

Read the afloat release:

JPMorgan Chase and Jane Doe 1 Reach Agreement to Settle Lawsuit successful Epstein Matter

NEW YORK, June 12, 2023 –The parties successful Jane Doe 1 v. JPMorgan Chase Bank, N.A. person informed the Court that they person reached an statement successful rule to settee the putative people enactment suit related to Jeffrey Epstein's crimes, which is taxable to tribunal approval.

Litigation is inactive pending betwixt the US Virgin Islands and JPMorgan Chase, arsenic are JPMorgan Chase's claims against Jes Staley.

The parties judge this colony is successful the champion interests of each parties, particularly the survivors who were the victims of Epstein's unspeakable abuse. 

–CNBC's Eamon Javers and Dawn Giel contributed to this article.