JPMorgan Chase has reached a settlement in a class action lawsuit with victims of financier Jeffrey Epstein.
Epstein was arrested in 2019 on federal charges accusing him of paying underage girls hundreds of dollars in cash for massages and then molesting them at his homes in Florida and New York. He was found dead in jail on Aug. 10 of that year, at age 66. A medical examiner ruled his death a suicide.
The lawsuit filed in Manhattan federal court in November sought to hold JPMorgan financially liable for Epstein’s decades-long abuse of teenage girls and young women. A related lawsuit has been filed in the U.S. Virgin Islands.
Terms of the settlement were not disclosed.
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"The parties believe this settlement is in the best interests of all parties, especially the survivors who were the victims of Epstein’s terrible abuse," the bank said in a statement on Monday.
Litigation is still pending between the U.S. Virgin Islands and JPMorgan Chase, as well as JPMorgan Chase’s claims against former executive, Jes Staley.
Jeffrey Epstein’s former home on the island of Little St. James in the U.S. Virgin Islands. (Emily Michot/Miami Herald/Tribune News Service via Getty Images)
According to the lawsuits, JPMorgan provided Epstein loans and regularly allowed him to withdraw large sums of cash from 1998 through August 2013 even though it knew about his sex trafficking practices.
Both lawsuits were filed after New York state in November enacted a temporary law letting adult victims of sexual abuse to sue others for the abuse they suffered, even if the abuse occurred long ago.
The bank has denied the allegations and sued Staley, saying he hid Epstein’s crimes to keep him as a client.
JPMorgan CEO Jamie Dimon has 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.
The settlement is subject to court approval.
Shares of JPMorgan rose slightly before the market open.
