- JPMorgan resolves Epstein-related litigation.
- Settlement includes $75 million.
- Jes Staley’s case confidential.
As the repercussions of Jeffrey Epstein’s actions continue to reverberate on both sides of the Atlantic, the agreements eliminate the possibility of lawsuits proceeding to court.
The largest bank in the United States has resolved all of its litigation related to the Jeffrey Epstein scandal, including its case against former executive Jes Staley.
JPMorgan Chase has faced a series of claims related to disgraced financier Epstein – a client of the bank from 1998 until 2013 – who killed himself in a New York prison cell in 2019 while awaiting trial on sex trafficking charges.
The bank had agreed in June to pay $290 million to settle the claims of dozens of Epstein’s accusers.
In anticipation of a trial next month, the bank announced a $75 million deal with the US Virgin Islands (USVI). Where Epstein allegedly held property used for abuse.
This case centered on an alleged failure of JPMorgan’s client supervision, which enabled sex trafficking.
It alleged that the bank retained his business despite being aware of his prior sexual misconduct.
JPMorgan stated, “While the settlement does not include admissions of liability, the firm regrets any association with this man and would never have continued doing business with him if it believed he was using the bank to commit his heinous crimes in any way.
It added, “The settlement with the USVI provides substantial assistance to local USVI charities whose work includes combating human trafficking.”
“We are pleased that the USVI will use settlement proceeds to enhance the infrastructure and capabilities of their law enforcement in order to prevent and combat human trafficking and other crimes in their territories.”
The parameters of the settlement between the bank and Mr. Staley were kept confidential.
Mr. Epstein was a client during Mr. Staley’s tenure as chief of private banking at JPMorgan.
It was alleged that he concealed or minimized the wrongdoing of the financier in order to maintain the profitable account.
Mr. Staley departed the position in 2015 to become the CEO of Barclays, but resigned in 2021 in order to contest the findings of a report by UK regulators regarding his dealings with Epstein.
Mr. Staley stated that their business relationship terminated when he joined Barclays. He admitted to having been friendly with Epstein but denied being aware of the financier’s sex crimes.
JPMorgan sued him for settlement expenses and eight years of wages.
Mr. Staley’s lawyers have previously called the bank’s case against him defamatory. Accusing it of using him as a scapegoat for its regulatory failures.
Deutsche Bank, Epstein’s 2013–2018 customer, settled sexual abuse claims with women for $75 million in May.
