JPMorgan agrees to settle with victims of Jeffrey Epstein

JPMorgan Chase & Co (NYSE: JPM) is in focus today after the investment bank settled with victims of sexual predator Jeffrey Epstein.

JPMorgan to pay $290 million to settle

The financial services behemoth did not admit liability but greed to pay $290 million to settle a lawsuit that accused it of facilitating Epstein’s sex trafficking operation.

We believe this settlement is in the best interest of all parties, especially the survivors, who suffered unimaginable abuse at the hands of this man [Jeffrey Epstein].

The announcement arrives about a month ahead of the bank’s Q2 financial results. Consensus is for it to earn $3.56 a share this quarter versus $2.76 per share a year ago. Its revenue was up 25% in the first quarter as Invezz reported here.

In May, peer Deutsche Bank also settled with victims of the late sexual predator for $75 million.

JPM to go on trial with U.S. Virgin Islands

Nonetheless, JPMorgan Chase & Co is still scheduled for a trial over its relationship with Jeffrey Epstein with the U.S. Virgin Islands on October 23^rd. The bank also said today:

Any association with him [Epstein] was a mistake and we regret it. We’d never have continued to do business with him if we believed he was using our bank to help commit heinous crimes.

JPMorgan argues that its former executive Jes Staley should be held responsible if a civil liability is found in the Epstein case – from whom it also wants to recover over $80 million in pay.

According to Staley, though, he did not know that Jeffrey Epstein was involved in sex trafficking. “JPM” is up 4.0% year-to-date at writing.