JPMorgan Chase has reached a settlement in a lawsuit that alleged their involvement in enabling financier Jeffrey Epstein‘s sex trafficking network.
The settlement aimed to resolve a lawsuit filed last year by an individual known as “Jane Doe 1.” Doe accused the bank of neglecting Epstein’s actions and failing to adhere to federal regulations while profiting from their association with him.
The woman initiated a lawsuit representing numerous victims of Jeffrey Epstein. On Monday morning, the presiding judge in the case ruled that it could proceed as a class-action lawsuit.
Nevertheless, David Boies, the chairman of Boies Schiller Flexner and one of the attorneys representing the victims, announced that JPMorgan Chase has agreed to a settlement amount of $290 million to resolve the lawsuit.
“The parties in Jane Doe 1 v. JPMorgan Chase Bank, N.A. have informed the Court that they have reached an agreement in principle to settle the putative class action lawsuit related to Jeffrey Epstein’s crimes, which is subject to court approval,” JP Morgan Chase and the victim’s attorneys said in a joint statement.
“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,” they continued.
For a span of 15 years, JPMorgan Chase maintained a client relationship with Epstein until the bank terminated their association in 2013.
“Any association with him was a mistake and we regret it. 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,” JPMorgan Chase said in a separate statement.
