JPMorgan Chase announced Monday it reached an agreement in principle to settle claims made in a class-action lawsuit regarding the bank’s ties to convicted sex offender Jeffrey Epstein.
Terms of the agreement were not disclosed, though David Boies, one of the victims’ attorneys, confirmed the bank agreed to pay $290 million as part of the settlement. Under the agreement, which must be approved by the court, JPMorgan did not admit liability.
“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,” said JPMorgan and the legal representatives of the female victims in a joint statement.
JPMorgan handled the accounts of Epstein until closing them in 2013. Years prior, the bank’s compliance team reportedly suggested it end its relationship with Epstein, though it chose instead to retain him as a client.
The Jane Doe female plaintiff that brought the lawsuit said she was sexually abused and trafficked by Epstein from 2006-13, during which she and other victims were allegedly paid using cash from his JPMorgan accounts.
After his accounts at JPMorgan were closed, Epstein was taken on by Deutsche Bank, which kept him as a client until 2018. Deutsche Bank last month agreed to pay $75 million to settle a class-action lawsuit filed by sexual assault victims of Epstein.
“Taken together or individually, the historic recoveries from the banks who provided financial services to Jeffrey Epstein speak for themselves,” said Boies, chairman of law firm Boies Schiller Flexner. “It has taken a long time—too long—but today is a great day for Jeffrey Epstein survivors and a great day for justice.”
The proposed JPMorgan settlement does not resolve related litigation pending between the government of the U.S. Virgin Islands and the bank. Also still pending are JPMorgan’s claims against former Barclays Chief Executive Jes Staley, who previously worked at JPMorgan and is being accused by the bank of being responsible for its relationship with Epstein.