JPMorgan Chase (NYSE:JPM) is ready to shell out $290 million to settle claims connected to the heinous crimes of Jeffrey Epstein, according to a CNBC report. However, the bank has not admitted any liability in this settlement. News of this deal emerged just before a U.S. District Court judge in Manhattan permitted the case to continue as a class-action lawsuit. The bank stated, “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.” This decision comes on the heels of a similar $75 million settlement by Deutsche Bank with Epstein victims, while JPMorgan’s lawsuit with the U.S. Virgin Islands is still ongoing.
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The lawsuit, initiated by a woman using the pseudonym Jane Doe, claimed JPMorgan knowingly benefited from and aided Epstein’s sex trafficking operation. The bank argues that former executive Jes Staley should be held accountable for any civil liabilities that may emerge in the Epstein case. They are also seeking to recover over $80 million from Staley. As this unfolds, JPMorgan and its CEO Jamie Dimon, express regret over their association with Epstein, maintaining that they severed ties with him once they discovered his criminal activities.
It appears investors aren’t concerned about the settlement, as JPM stock saw little change in today’s trading session at the time of writing. Furthermore, shares have gained over 5% on a year-to-date basis.