JPMorgan Chase reaches legal settlement with victims of Jeffrey Epstein

[ad_1]

JPMorgan Chase & Co. on Monday said it reached a settlement for an undisclosed sum in the class-action lawsuit Jane Doe 1 v. JPMorgan Chase.

The lawsuit was filed in the Southern District of New York on Nov. 24 by an Epstein victim, Jane Doe 1, who was seeking damages from the bank for its past dealings with deceased convicted pedophile Jeffrey Epstein.

The birth name of the primary plaintiff in the lawsuit has not been released.

“The settlements that have been reached are both life-changing and historic for the survivors,” said Sigrid McCawley, a lawyer for the plaintiffs in the lawsuit. “Money, which for far too long flowed with impunity between Jeffrey Epstein’s global sex trafficking enterprise and Wall Street’s leading banks, is decisively being used for good.   The settlements signal that financial institutions have an important role to play in spotting and shutting down sex trafficking.”

Spokespeople from the plaintiff and from JPMorgan Chase told MarketWatch the dollar amount of the settlement was not being disclosed.

“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,” according to the statement from JPMorgan.

The settlement comes just days after McCawley, of law firm Bois Schiller Flexner, asked U.S. District Judge Jed S. Rakoff to order JPMorgan Chase to provide more information about a 2019 bank review of the Epstein matter as well as the results of a bank review of its relationship with its former wealth chief, Jes Staley.

Also Read: Jamie Dimon may be required to provide new testimony in Jeffrey Epstein accuser’s lawsuit

Two other lawsuits that the bank is fighting are still pending.

Those include a legal action between the U.S. Virgin Islands and JPMorgan Chase, as well as JPMorgan Chase’s lawsuit against Jes Staley, former head of the bank’s wealth unit.

JPMorgan Chase
JPM,
+0.20%

stock was up 0.2% in premarket trades.

[ad_2]

Source link