(PatriotWise.com) – It was reported on Monday that JPMorgan Chase, one of two firms facing lawsuits from the victims of the late Jeffrey Epstein, has reached an agreement with the plaintiffs to settle the case for $290 million.
A source familiar with the matter told CNBC on Monday that the settlement will not include an admission of liability from JPMorgan.
Late last year, a group of Epstein’s victims filed a class action lawsuit against the banking giant, alleging that JPMorgan enabled and benefited from Epstein’s trafficking operation by giving him “special treatment.” The plaintiffs claimed that Epstein’s trafficking scheme would not have been possible but for the participation of JPMorgan Chase.
The proposed settlement came just hours after a judge ruled that the case could proceed as a class action.
In a press release Monday morning, JPMorgan said that both parties in the case had informed the court that an agreement had been reached “in principle” to settle the case, subject to the approval of the court.
While the bank offered no details about the agreement, the source told CNBC that the settlement will not include any acknowledgment of liability on the part of JPMorgan.
The news comes almost one month after Deutsche Bank also agreed to settle a similar class action lawsuit brought by Epstein’s victims.
Like JPMorgan, Deutsche Bank was sued late last year by Epstein’s victims who accused the bank of facilitating Epstein’s trafficking after JP Morgan dropped him as a client in 2013.
The plaintiffs argued that Deutsche Bank put profit above following the law and argued that the bank ignored red flags like Epstein’s large cash withdrawals and his payments to young women.
The Associated Press reported in mid-May that the bank agreed to pay the victims $75 million.
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