Truth, Inspiration, Hope.

Victims of Jeffrey Epstein Reach $290 Million Settlement With JPMorgan Chase

Alina Wang
A native of New York, Alina has a Bachelors degree in Corporate Communications from Baruch College and writes about human rights, politics, tech, and society.
Published: June 12, 2023
A man walks past JP Morgan Chase's corporate headquarters on Aug. 12, 2014 in New York City. The Virgin Islands Attorney General, who recently filed a lawsuit against JPMorgan for their alleged role in Jeffery Epstein’s sex trafficking ring, was fired just days after filing the suit. (Image: Andrew Burton via Getty Images)

NEW YORK, New York — On June 12, JPMorgan Chase reached a whopping $290 million settlement in a lawsuit filed by victims of the late financier Jeffrey Epstein — a convicted sex offender who died by suicide at the Metropolitan Correctional Center (MCC) in New York City while awaiting trial in 2019. The lawsuit alleged that the bank had played a role in facilitating Epstein’s abhorrent sex trafficking enterprise by providing him with financial services and loans.

The settlement — which is still pending final court approval — aims to provide compensation to the victims who suffered at the hands of Epstein, 66. The funds will be managed through a trust overseen by a court-appointed administrator to ensure a fair and equitable distribution.

“This settlement represents a significant stride forward for the victims of Jeffrey Epstein,” said David Boies, a lawyer representing the victims. “It will furnish them with the necessary resources to embark on the journey of rebuilding their lives.”

Jeffrey Epstein’s alleged victims Sarah Ransome (Center L) and Elizabeth Stein (Center R) arrive at Manhattan Federal court for the sentencing of former socialite Ghislaine Maxwell on June 28, 2022 in New York City. (Image: Spencer Platt via Getty Images)

Cracking down

The settlement marks yet another legal action against JPMorgan Chase pertaining to its involvement with Epstein. In 2020, the bank agreed to pay $100 million to settle a lawsuit brought on by New York State Attorney General Letitia James, who accused JPMorgan Chase of “inadequately monitoring Epstein’s financial activities.”

“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 and its attorneys said.

Despite agreeing to the settlement, JPMorgan Chase has consistently denied any wrongdoing in connection to Epstein and his financial endeavors. The bank asserts that it “fully cooperated” with law enforcement investigations into Epstein’s accounts, and “implemented robust measures” to prevent him from utilizing its services upon learning of his alleged crimes.

Kevin and Isabell Maxwell, brother and sister of convicted British socialite Ghislaine Maxwell, stand outside of a Manhattan Federal Court court after the sentencing of former socialite Ghislaine Maxwell on June 28, 2022 in New York City. Ghislaine Maxwell, a close associate of financier Jeffrey Epstein, received a 20-year prison sentence for helping Epstein sexually abuse underage girls. (Image: Spencer Platt via Getty Images)

“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,” JPMorgan Chase said in a separate statement. 

Epstein continued banking with JPMorgan Chase for 15 years until the bank severed ties with him in 2013.

A dark past

Epstein first gained prominence through his involvement in the world of finance and business. Born and raised in Brooklyn, New York, Epstein attended prestigious institutions such as Cooper Union and the Courant Institute of Mathematical Sciences at New York University before embarking on a successful career in finance. 

(L-R) Ghislaine Maxwell, Jeffrey Epstein, and musician Michael Bolton pose for a portrait during a party at the Mar-a-Lago club, Palm Beach, Florida on February 12, 2000. (Image: Davidoff Studios via Getty Images)

Initially working at Bear Stearns and later establishing his own financial management firm, Epstein cultivated relationships with many influential individuals, including politicians, business magnates, and celebrities — positioning himself as a well-connected figure in high society.

However, Epstein’s reputation took a dark turn when allegations of sexual abuse, misconduct, and exploitation emerged against him. Over the years, numerous women — some of whom were minors at the time of the crimes — accused Epstein of luring them into his network and subjecting them to sexual abuse. 

An inside job? 

The accusations painted a disturbing picture of a man who exploited his wealth and connections to manipulate vulnerable individuals. The allegations against Epstein gained significant attention and sparked widespread outrage — leading to investigations, legal action, and eventually his arrest in 2019 on federal charges of sexual trafficking. 

Shortly after being arrested, however, Epstein died by suicide in jail, leaving many unanswered questions and unresolved legal proceedings surrounding his extensive web of sexual abuse allegations.

During the time of Epstein’s alleged suicide, there were reported instances of malfunctioning cameras within the facility. This development — combined with other irregularities in the circumstances surrounding his death — has fueled speculation among many people who believe it was an inside job. 

The absence of surveillance footage during the time of his death, and leading up to it, has contributed to conspiracy theories and heightened suspicions about potential foul play in Epstein’s demise, and the possibility of his death being a cover-up. 

A long road ahead

The significance of this settlement for Epstein’s victims cannot be overstated, said Sigrid McCawley, another one of the victims’ attorneys. It not only provides them with much-needed financial compensation, but also “sends a powerful message” to other financial institutions that they will be held accountable for their complicity in enabling sex trafficking.

“The settlements that have been reached are both life-changing and historic for the survivors,” said McCawley, adding, “Money, which for far too long flowed with impunity between Jeffrey Epstein’s global sex trafficking enterprise and Wall Street’s leading banks, is decisively being used for good.”

The resolution is a testament to the resilience and courage of the victims, said McCawley, while highlighting the necessity and importance of ensuring that institutions bear responsibility for their actions. 

“The settlements signal that financial institutions have an important role to play in spotting and shutting down sex trafficking,” added McCawley.