JPMorgan Chase & Co is set to face legal proceedings over its alleged relationship with the late financier and convicted sex offender Jeffrey Epstein. The bank is accused of aiding and profiting from Epstein’s illegal activities, and will be required to provide documents concerning its communication with Epstein and two key executives, including CEO Jamie Dimon.
JPMorgan Chase Facing Multiple Lawsuits over Epstein Ties
Epstein had been a JPMorgan client from 2000-2013, including five years after he had pleaded guilty to a Florida prostitution charge. The bank is facing a proposed class action lawsuit by Epstein’s accusers and another case brought by the US Virgin Islands. One of the alleged victims of Epstein has also filed a separate lawsuit against the bank.
JPMorgan CEO Jamie Dimon to be Interviewed under Oath
JPMorgan’s CEO Jamie Dimon will give an under-oath interview about the bank’s relationship with Jeffrey Epstein, in early May. Attorneys for the US Virgin Islands say that Dimon is a likely source of relevant and unique information about why the bank kept servicing Epstein even after his 2008 conviction.
The Financial Times has reported on an internal JPMorgan investigation that claims there is no record of Dimon being involved in any discussion over retaining Epstein as a client. However, this deposition may reveal more details about the bank’s ties to Epstein.
Jes Staley Deposition Reveals Close Relationship with Epstein
Former private banking chief Jes Staley has already undergone a two-day deposition as part of these ongoing legal proceedings. This deposition revealed Staley’s close relationship with Jeffrey Epstein.
JPMorgan is suing Staley for reimbursement of eight years of compensation and damages it might incur in other lawsuits. Previous lawsuits reveal hundreds of emails and text messages between Staley and Epstein, many involving discussions about young women.
JPMorgan Ordered to Provide Documents Concerning Dimon
On March 9th, a federal judge ordered JPMorgan to provide the US Virgin Islands with documents concerning Dimon from 2015 to 2019, after Epstein had been dropped as a client. The bank had claimed that the territory was on a “fishing expedition,” but the judge did not agree.
This order comes after the US Virgin Islands has sued JPMorgan for allegedly enabling Epstein’s sex trafficking by keeping him as a client and missing red flags about his misconduct on Little St. James, a private island he owned.
Deutsche Bank Also Facing Lawsuits over Epstein Relationship
JPMorgan is not the only bank facing lawsuits over its relationship with Jeffrey Epstein. Deutsche Bank, where Epstein was a client from 2013-2018, is also being sued by Epstein’s accusers.
Epstein died by suicide in August 2019 while awaiting trial for sex trafficking. Ghislaine Maxwell, a confidant of Epstein, is currently serving a prison sentence for recruiting and grooming girls for abuse by Epstein. She has asked a U.S. appeals court to throw out her conviction.
In conclusion, the ongoing legal proceedings against JPMorgan Chase & Co shed light on how little financial institutions like JPMorgan are willing to act against their most lucrative clients. These lawsuits suggest that banks may have turned a blind eye to criminal activity in order to make large profits, which may lead to significant changes in regulations moving forward.
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