JP Morgan has reached a settlement agreement to pay $290 million in a class-action lawsuit filed by the victims of Jeffrey Epstein, the notorious American financier and convicted sex offender.
The plaintiffs alleged that JP Morgan engaged in money laundering activities that facilitated sex trafficking on behalf of Epstein during his time as a client of the bank.
In a joint statement released on Monday, the largest bank in the United States and the attorneys representing the victims announced that they had reached a preliminary agreement to settle the alleged class-action lawsuit associated with Jeffrey Epstein’s crimes.
The settlement is contingent upon court approval and does not involve JP Morgan accepting any legal responsibility in the matter. The statement emphasized that all parties involved, particularly the survivors who suffered from Epstein’s heinous abuse, believe that this settlement is in their best interests.
According to CNN, David Boies, one of the attorneys representing the victims, stated that over 100 women are expected to receive compensation for the abuse inflicted by Epstein. Additionally, more victims who filed claims through the Epstein Victims’ Compensation program are likely to receive compensation following similar settlements reached with two other banks.
Victims’ lawyers called the settlement “life-changing and historic” given how a major financial institution is participating in shutting down sex trafficking.
“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,” said Sigrid McCawley, managing partner at Boies Schiller Flexner.