WEST PALM BEACH, Fla. — JPMorgan Chase, the nation's largest bank, will pay $290 million to victims of Jeffrey Epstein's sex trafficking in a pre-trial settlement.
The principal lawyer for the class in this suit estimates more than 100 victims will seek compensation in this settlement.
The class action suit was filed against two large international banks, including JPMorgan Chase.
Epstein was a client of JP Morgan s and the suit alleged the bank enabled Epstein's sex trafficking.
Victims last month reached a $75 million settlement with Germany-based Deutsche Bank.
So, why would JPMorgan Chase agree to pay out roughly four times that amount for the same claims?
"They were well aware of his history, well aware of his conduct. And clearly should have been well aware of what was going on," Spencer Kuvin, a West Palm Beach-based attorney for nine of Epstein's victims said. "There were communications internally at the bank that questioned whether they should have this type of relationship with this type of person."
Despite his conviction, he said the bank still did business with Epstein.
"You have to remember, he had been convicted," Kuvin said. "He had served a year in jail for his conduct down here at Palm Beach at the time they were continuing to do business with him."
Kuvin isn't sure if or how many of his clients will be eligible for the class action settlement.
Epstein died in prison in 2019 of what his autopsy determined to be suicide.
