American Financier Jeffrey Epstein who later got charged as a human trafficker and sex offender was a valued client of JPMorgan Chase between 1998 and 2013. The bank continued its relationships with Epstein even after he was arrested over prostitution related charges in 2006.
JPMorgan Chase has been involved in a class action lawsuit brought about by victims of Jeffrey Epstein as well as a lawsuit by the Government of US Virgin Islands for aiding Epstein’s offenses. Former executive Jes Staley who used to be friends with Epstein is held responsible for safeguarding the latter’s account and turning a blind eye to his wrong-doings.
If JPMorgan Chase’s settlement offer made on Monday is accepted by the U.S. District Judge Jed Rakoff in Manhattan, it will end the legal fight between Chase and 100 victims of Jeffrey Epstein.
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Leading up to the $290 million settlement, a series of “embarrassing disclosures” has stained the reputation of America’s largest banking institution. At a time when Americans are questioning the banking system in the country, this settlement as opposed to fighting the lawsuit till the end sends a clear message about the accountability of financial institutes in matters of security and criminality. Interestingly, JPMorgan Chase’s decision to settle came less than a month after the $75 million settlement offered by Deutsche Bank for having Epstein as a client between 2013 and 2018.
The bank is not out of the water yet as it still faces a lawsuit from the US Virgin Island. However, Chase plans to make Jes Staley pay for the consequences of said lawsuit considering his pivotal role in Epstein’s relationship with the bank.
Jeffrey Epstein killed himself in jail in 2019 while awaiting trial for sex trafficking. His former girlfriend Ghislaine Maxwell is currently appealing her conviction for aiding Epstein’s crimes and a 20-year prison sentence.
The post JPMorgan Chase Agrees to Pay $290 million to Victims of Jeffrey Epstein appeared first on The Next Hint.
Source: JPMorgan Chase Agrees to Pay $290 million to Victims of Jeffrey Epstein
Category: News, Jeffrey Epstein, JPMorgan
