JPMorgan offered to settle the claims against it by Epstein’s victims hours before a judge in the US District Court in Manhattan ruled that those with such grievances against the bank can proceed in a class-action lawsuit. The offer by the largest US banking group did not cite a monetary value.
The parties have informed the court that they have reached an agreement in principle to settle the putative class action lawsuit related to Epstein’s crimes, which is subject to court approval, the bank said in a news release earlier on Monday.
JPMorgan acknowledged the gravity of Epstein’s actions and said it was acting in the best way it knew to resolve the matter.
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, the bank said in its statement.
The source, who spoke to the TV channel on condition of anonymity, said JPMorgan’s settlement offer does not include any admission of liability over Epstein, adding that the bank's litigation with the US Virgin Islands over claims against its former executive Jes Staley, who was friends with Epstein, remains active.
JPMorgan is the second name on Wall Street to offer such a settlement after Deutsche Bank, which paid Epstein’s victims $75 million. Epstein became a client at Deutsche after he was forced out by JPMorgan in 2013.