JP Morgan reaches settlement with Epstein victims

JP Morgan has settled a lawsuit filed on behalf of victims of Jeffrey Epstein that revealed how the bank ignored warnings he was a ‘high risk’ client and continued to do business with him for years.

The bank announced the settlement on Monday without disclosing how much the it had agreed to pay. 

The lawsuit was filed on behalf of one woman but the settlement rewards anyone who was victimized by Epstein, a known pedophile who killed himself in prison in 2019. 

The number of victims who may stand to gain from the settlement could reach 100.

The bank announced the settlement on Monday without disclosing how much the it had agreed to pay

‘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,’ a statement released by JP Morgan on Monday morning said.  

Epstein was a client at the bank between 1998 and 2013 – seven years after he was arrested and convicted of using underage prostitutes in Palm Beach, Florida. 

Bank employees were concerned about Epstein’s large cash withdrawals, some of which were used to pay underage girls in exchange for sex, but he was allowed to remain a client for years. 

According to depositions that were part of the lawsuit, he would regularly withdraw between $40,000 and $80,000 a month. 

Epstein is shown with former private banking chief, Jef Staley (far left), Larry Summers, Bill Gates (second right)  and Boris Nikolic (far right)

The withdrawals rang alarm bells among compliance officials, but he explained them away by claiming they were for fuel and landing fees for his private plane.

The bank is still entangled in a separate lawsuit filed by the government of the US Virgin Islands, where Epstein kept a home and is said to have abused dozens of girls. 

Last year, the same lawyers successfully sued Deutsch Bank – which took Epstein on as a client after JP Morgan eventually cut ties with him in 2013 – over the same allegations. 

Deutsch Bank settled for a tentative sum of $75million and was fined $100million by New York regulators. 

Epstein died in custody while awaiting a sex trafficking trial. In his absence, the only person to have faced criminal prosecution over his crimes is Ghislaine Maxwell. 

She is currently serving a 20 year prison sentence after being convicted of facilitating the abuse. 

‘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,’ a statement released by JP Morgan on Monday morning said