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Judge Gives Green Light For Lawsuits Against JPMorgan Chase


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A New York federal judge ruled Monday that the U.S. Virgin Islands and women who accuse Jeffrey Epstein of sexual abuse can move forward with lawsuits against JPMorgan Chase, CNBC reports.

The bank faces accusations of knowingly benefitting from participating in Jeffrey Epstein’s sex crimes.

Deutsche Bank also faces accusations of enabling Epstein’s sex crimes.

Per CNBC:

The four-page ruling by Manhattan District Judge Jed Rakoff came in response to motions from JPMorgan and Deutsche Bank to dismiss the three lawsuits.

While Rakoff agreed to dismiss multiple counts of each of the cases, he allowed the other explosive counts to remain and to head toward trial. The judge wrote that he would issue an opinion explaining the reasons for his decisions “in due course.”

Forbes noted:

The banking giants had filed motions to dismiss the complaints in early February (JPMorgan refused to comment on the ruling while Deutsche Bank did not immediately respond to a Forbes inquiry).

U.S. Virgin Islands attorney Mimi Liu argued in court on Friday JPMorgan Chase CEO Jamie Dimon and a former bank executive Jes Staley—who left the firm in 2013—had known about Epstein’s sex trafficking as early as 2008.

US Virgin Islands Makes Shocking Allegation Against JPMorgan CEO In Jeffrey Epstein Lawsuit

The ongoing lawsuit claims JPMorgan Chase ignored the truth surrounding Epstein and his crimes to keep him as a client.

U.S. Virgin Islands Sues JPMorgan Chase for ‘Enabling’ Jeffrey Epstein Sex Crimes

A U.S. judge ruled earlier this month that JPMorgan Chase must provide additional records from CEO Jamie Dimon relating to the lawsuit.

Judge Orders JPMorgan Chase to Provide Additional Documents From CEO Relating to Jeffrey Epstein Sex Trafficking Lawsuit

JPMorgan Chase has attempted to dismiss the lawsuit and shift legal responsibility onto former executive Jes Staley.

From Fox Business:

JPMorgan has tried to dismiss the lawsuit, noting the Virgin Islands government has already settled with Epstein’s estate for more than $100 million.

The lawsuit comes as the bank has filed two complaints in federal court, claiming former bank executive Jes Staley, protected Epstein and engaged in sexual assault while working for the company.

JPMorgan wants the former private banking chief, Jes Staley, to reimburse the bank for damages it might incur in the other lawsuits and return eight years of compensation.

“Staley’s acts of disloyalty occurred repeatedly, lasted for years, and persisted despite numerous opportunities to correct them,” JPMorgan wrote in court filings as it demanded Staley return eight years of compensation.

“If Staley is a rogue employee, why isn’t Jamie Dimon?” Liu asked at a hearing last week.

“Staley knew, Dimon knew, JPMorgan Chase knew,” she added in reference to Jeffrey Epstein’s criminal activities.

From CNBC:

Liu said there were multiple cash transactions and wire transfers by Epstein, including sending hundreds of thousands of dollars to several women, which should have been officially flagged as suspicious.

“They broke every rule to facilitate his sex trafficking in exchange for Epstein’s wealth, connections and referrals,” Liu argued

“This case was not just Jes Staley … there will be numerous documents that go far beyond his office to the executive suite,” she said.

A lawyer for JPMorgan disputed those arguments, “in particular the point about Jamie Dimon having any specific knowledge.”

Dimon is not a named defendant in the suit against the bank.

JPMorgan spokeswoman Patricia Wexler in a statement said, “It is unfair for CNBC to report lawyers’ unsubstantiated arguments as facts.”

Wexler also said, “Jamie Dimon has no recollection of reviewing the Epstein accounts.”

Staley has denied knowing about Epstein’s illegal conduct. He was CEO of Barclays from 2015 until late 2021, when he quit after a probe by British financial regulators into his ties to Epstein.

Attorneys for the Virgin Islands previously have highlighted an August 2008 internal email at JPMorgan which suggested that Epstein’s account would be closed that year because of concerns over his conduct.

“I would count Epstein’s assets as a probable outflow for ’08 ($120mm or so?) as I can’t imagine it will stay (pending Dimon review),” an unidentified employee wrote in that email, mentioned in the Virgin Islands’ lawsuit.



 

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