What did JPMorgan’s $290 million settlement cover?

In June 2023, JPMorgan Chase agreed to pay approximately $290 million to settle a class-action lawsuit brought by Epstein’s victims. The settlement was reached without an admission of wrongdoing by the bank.

The Claims: Victims alleged that JPMorgan knowingly maintained Epstein’s accounts and processed suspicious financial transactions — including cash withdrawals, payments to young women, and transfers that suggested human trafficking — despite red flags that should have triggered investigation and account closure under anti-money laundering regulations.

Internal Warnings Ignored: Evidence produced in litigation revealed that JPMorgan compliance officers and executives, including former CEO Jes Staley (who maintained a close personal friendship with Epstein), received internal warnings about Epstein’s conduct. The bank continued to service Epstein’s accounts until 2013, and Staley kept in contact with Epstein even after.

The USVI Lawsuit: Separately, the U.S. Virgin Islands Attorney General filed a lawsuit against JPMorgan, which the bank settled for $75 million in September 2023. That case focused on the bank’s alleged role in facilitating Epstein’s USVI-based trafficking operation.

Precedent: The settlements were the first in American history to hold a major financial institution financially responsible for failing to prevent sex trafficking by a client. Legal scholars noted the significance: in allowing the suits to proceed and settling, the courts effectively recognized that banks can face liability for knowingly enabling trafficking.

Deutsche Bank Settlement: Separately, Deutsche Bank settled a similar lawsuit for $75 million in May 2023. Epstein was a Deutsche Bank client from 2013 to 2018 after being dropped by JPMorgan.