Jaime Dimon said that he is sorry for banking with Epstein, after JPM settled with the US government on these charges.
A US judge has granted preliminary approval to JPMorgan Chase's $290 million settlement with women who accused Jeffrey Epstein of abusing them and claimed that the bank ignored Epstein's sex trafficking activities. The approval was given by US District Judge Jed Rakoff in Manhattan federal court during a hearing.
Judge Rakoff referred to the settlement as a "really fine settlement," acknowledging that while the settlement won't fully compensate Epstein's victims for the abuses they suffered, it is a significant amount that will provide some compensation.
The settlement comes after victims, led by a former ballet dancer referred to as Jane Doe 1, alleged that JPMorgan Chase ignored signs of Epstein's abuses and maintained connections with him even after his official departure from the bank. The settlement, which is proposed to be an all-cash payout, was deemed fair and reasonable by the victims' lawyers, considering the potential risks of prolonged litigation.
JPMorgan Chase, in response to the settlement, expressed regret over any association they had with Epstein and admitted that it was a mistake.
The bank had continued its banking relationship with Epstein for five years even after he pleaded guilty to a Florida prostitution charge in 2008 and registered as a sex offender.
During the hearing, Judge Rakoff questioned why there was no minimum distribution outlined for each victim in the settlement, pointing out that a similar settlement involving Deutsche Bank guaranteed each victim at least $75,000.
