from The Conservative Treehouse:
Nothing shouts “complicity” quite like paying $290 million to make the issues disappear. However, according to the Wall Street Journal, fortunately ““The U.S. Virgin Islands will continue to proceed with its enforcement action to ensure full accountability for JPMorgan’s violations of law,” said a spokeswoman for the U.S. Virgin Islands attorney general.”
In one of the biggest settlements within the banking industry relating to sexploitation, JPMorgan Chase has agreed to pay the victims of Jeffrey Epstein $290 million in damages in order to settle a class action lawsuit against the bank. Epstein used JPMorgan and Deutsche Bank as the financial mechanisms to pay for the sex trafficking operation he ran. There are other civil and legal cases still ongoing, but JPMorgan hopes to extricate themselves from the collateral damage of Epstein’s horrific exploits.
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Wall Street Journal – JPMorgan Chase JPM -0.25%decrease; red down pointing triangle agreed to pay $290 million to settle a lawsuit over its ties to Jeffrey Epstein, said lawyers for Epstein accusers, shortly after top executives were questioned about the bank’s years of dealings with the convicted sex offender.
The lawsuit on behalf of women who accused Epstein of abuse helped expose details about the bank’s relationship with Epstein for years after his conviction, forced Chief Executive Jamie Dimon to answer questions under oath, and led the bank to turn around and sue a former top leader, Jes Staley.
Dimon said in his deposition last month that he had never discussed Epstein or his accounts. Staley was deposed over the weekend.
The lawsuit was brought by an unnamed accuser who claimed the bank ignored red flags about Epstein until 2013 because he was bringing wealthy clients to the bank. JPMorgan has denied any wrongdoing. The bank still faces a related lawsuit from the government of the U.S. Virgin Islands, where Epstein had a residence.
[…] “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,” JPMorgan and lawyers for the women said in a press release.
[…] JPMorgan said that it was a mistake to have any association with Epstein and that it regrets its association with him. “We would never have continued to do business with him if we believed he was using our bank in any way to help commit heinous crimes,” a bank spokeswoman said.
Brad Edwards, a lawyer representing Epstein accusers, said, “A settlement of this size finally acknowledges the magnitude of the suffering of Epstein’s victims, the degree to which our system is broken, and the extent of Epstein’s influence to corrupt our system.”
[…] “The U.S. Virgin Islands will continue to proceed with its enforcement action to ensure full accountability for JPMorgan’s violations of law,” said a spokeswoman for the U.S. Virgin Islands attorney general.
The Doe plaintiff said she was sexually abused by Epstein from 2006 to 2013 and trafficked to his friends. She alleged that Epstein paid her and other victims with cash withdrawn from JPMorgan. She accused America’s biggest bank of profiting from Epstein’s activities and assisting in his alleged sex trafficking by enabling him to make payments to women for sex acts.
Epstein became a client of JPMorgan around 1998, and over the years the bank came to manage dozens of Epstein-related accounts containing hundreds of millions of dollars. Epstein turned to Deutsche Bank after JPMorgan closed his accounts in 2013. Both banks worked with Epstein for years after he was publicly accused of abusing girls and pleaded guilty in a Florida state court in 2008 to soliciting prostitution from a minor. (read more)
Does anyone really believe these banks didn’t know what the background of Epstein was all about?
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