Judge Approves JPMorgan's $290 Million Settlement for Epstein's Sexual Abuse Victims

Settlement marks closure for hundreds of victims who sued the banking giant for ignoring red flags about Epstein's sex-trafficking operation, ending a notable chapter in the Epstein saga.

• The $290 million settlement between JPMorgan Chase and victims of Jeffrey Epstein's sexual abuse has been approved by federal judge Jed Rakoff. This settles a class-action lawsuit alleging the bank ignored warnings about Epstein's activities.
• The settlement could provide compensation to nearly 200 victims of Epstein, culminating their bid for justice which began with a lawsuit filed in November 2022.
• Judge Rakoff emphasized that the significant settlement sends a strong message that banking institutions have a responsibility, stressing on their role in enabling Epstein's sexual abuse and trafficking operations for almost two decades.
• Despite contention from attorneys general from 16 states and Washington, D.C., who expressed concerns that the settlement's language might obstruct them from filing their own sex-trafficking claims, Judge Rakoff approved the agreement, calling this issue hypothetical.
• JPMorgan has faced significant backlash over its association with Epstein, with embarrassing disclosures revealing the bank's dismissal of red flags due to Epstein being a valuable client. The bank has also agreed to pay $75 million to settle related claims by the U.S. Virgin Islands.

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