$290 million will be provided for the settlement of the JPMorgan Chase lawsuit. Reports say the bank enabled the sex trafficking crimes of Jeffrey Epstein when he was still their client.On June 12, Federal Judge Jed Rakoff approved the eligibility of the victims of the JP Morgan Chase lawsuit. These victims include women who were sexually abused or trafficked by Jeffrey Epstein during the time when he was still a client of the bank.
Furthermore, an article in CNN states that the eligibility of the victims of the JP Morgan Chase lawsuit also include women who were exploited by Epstein from January 1, 1998 until his death on August 10, 2019. Consequently, the bank has agreed to pay $290 million to settle the lawsuit from the victims of their deceased financier.
JPMorgan Chase Lawsuit
According to Reed, the victims of Epstein initially reached a settlement worth $75 million with Deutsche Bank. This means that it is expected that there will be an overlap of eligibility to file a claim in the settlements of both JP Morgan Chase lawsuit and Deutsche Bank lawsuit.
Nonetheless, a joint statement from the U.S.’s largest bank and the lawyers of the victims stated that they have already informed the court of the agreement they have reached. To date, the agreement is subject to approval of the court.
Reports say under the under the terms of the settlement for the JP Morgan Chase lawsuit, the bank will release a statement repenting for its association with Epstein. However, they will not admit liability to their client’s crimes.