JPMorgan reaches settlement with ex-Barclays chief in Epstein case

America’s largest financial institution says it has resolved its last lawsuits referring to the Jeffrey Epstein scandal, together with a case it introduced in opposition to former government Jes Staley.

JPMorgan Chase has confronted a sequence of claims associated to disgraced financier Epstein – a consumer of the financial institution from 1998 till 2013 – who killed himself in a New York jail cell in 2019 whereas awaiting trial on intercourse trafficking prices.

The financial institution had beforehand, in June, agreed to pay $290m to resolve claims by dozens of Epstein’s accusers.

It was revealed on Wednesday, forward of a trial resulting from begin subsequent month, that the financial institution had agreed a $75m settlement with the US Virgin Islands (USVI) the place Epstein had owned property that was allegedly used for abuse.

That case centred on an alleged failure of consumer oversight by JPMorgan, successfully enabling intercourse trafficking.

It accused the financial institution of retaining his enterprise regardless of figuring out about earlier sex-related misconduct.

JPMorgan mentioned: “While the settlement does not involve admissions of liability, the firm deeply regrets any association with this man, and would never have continued doing business with him if it believed he was using the bank in any way to commit his heinous crimes.”

The headquarters of JPMorgan Chase in New York

It added: “The settlement with the USVI offers meaningful support to local USVI charities whose work includes fighting human trafficking.

“We are happy that the USVI will use settlement proceeds to boost the infrastructure and capabilities of their legislation enforcement to forestall and fight human trafficking and different crimes of their territories.”

The phrases of the financial institution’s settlement with Mr Staley have been stored confidential.

Chief executive officer of Barclays, Jes Staley, takes part in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017
Jes Staley stop as Barclays boss amid questions over his previous enterprise relationship with Epstein whereas at JPMorgan

Its case associated to Mr Staley’s time period as head of personal banking at JPMorgan when Mr Epstein was a consumer.

It alleged that he lined up or minimised the financier’s wrongdoing with a purpose to preserve the profitable account.

Mr Staley had left the publish in 2015 to turn into chief government at Barclays however later resigned, in 2021, so he may contest the findings of a report by UK regulators on his dealings with Epstein.

Mr Staley had mentioned that their enterprise relationship ended when he moved to Barclays and acknowledged having been pleasant with Epstein however denied figuring out concerning the financier’s intercourse crimes.

JPMorgan’s go well with in opposition to him had sought compensation for earlier settlement prices and to get well eight years of wage funds.

Mr Staley’s authorized staff had beforehand instructed that the financial institution was in search of to make him a fall man for its personal supervisory failures, describing its case in opposition to him as slanderous.

Deutsche Bank, the place Epstein was a consumer from 2013 to 2018, reached a $75m settlement with girls in May who had mentioned that Epstein sexually abused them.