JPMorgan Chase & Co JPM signaled its intent to reconcile a lawsuit levied against the mega bank, accusing it of profiting from the sex trafficking operations of its former client, Jeffrey Epstein.
An “agreement in principle” to settle the class action suit was issued in a statement on Monday by JPMorgan and the lawyers representing the victims, according to Bloomberg, initially filed by a victim of Epstein identified only as Jane Doe.
Despite reaching an agreement with Jane Doe, JPMorgan continues to grapple with a similar case brought by the U.S. Virgin Islands, Bloomberg reported, a location known for Epstein’s secluded retreat where several of his victims were brought.
The lawsuit, submitted anonymously last year by an Epstein survivor, sheds light on the sexual abuse endured by women and young girls spanning a 15-year period when they were in their teens. While the exact number of victims remains unknown, the potential number could exceed a hundred, according to The New York Times.
Read also: Convicted Sex Offender Jeffrey Epstein Made Fake Phone Call To Dead Mother Before Suicide At Manhattan Prison
The proposed $290 million settlement comes two weeks after JPMorgan's CEO Jamie Dimon was deposed, where he testified of having little knowledge of Epstein prior to his arrest on sex trafficking charges in July 2019.
The lawsuit alleged that JPMorgan disregarded numerous alerts about Epstein trafficking underage girls and young women for sex. Despite Epstein registering as a sex offender and pleading guilty to soliciting a minor for prostitution in 2008, JPMorgan was accused of turning a blind eye, valuing Epstein’s affluent status and his reach into even wealthier circles.
While JPMorgan admitted that any association with Epstein in retrospect was erroneous, the bank has denied aiding him in his criminal activities.
The settlement, awaiting approval by Judge Jed Rakoff, will contribute to the cumulative relief for Epstein’s victims, with his estate already doling out about $150 million to more than 125 victims.
The lawyers representing Epstein’s victims hailed the proposed settlement as a pivotal moment for sex trafficking survivors and underscored the responsibility of financial institutions in recognizing and thwarting sex trafficking.
Read next: Bill Gates’ Alleged Lover Mila Antonova Had Links With Notorious Russian Spy: Report
Photo: Shutterstock and Wikimedia.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
