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Judge approves $290M deal JPMorgan reached with Epstein victims

JPMorgan allowed Jeffrey Epstein to take out loans and withdraw large sums of cash even after he was arrested and pleaded guilty to sex crimes.
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Posted at 11:08 AM, Jun 27, 2023

A federal judge in New York City gave preliminary approval Monday to a $290 million deal that JPMorgan Chase reached with sex victims of financier Jeffrey Epstein.

Judge Jed S. Rakoff praised lawyers on both sides for working out the deal announced earlier this month.

He called it a "really fine settlement."

In lawsuits, lawyers for victims said JPMorgan gave Epstein loans and let him withdraw large sums of cash from 1998 through August 2013.

The bank continued to count Epstein as a client even after he was arrested and pleaded guilty in 2008 to sex crimes in Florida.

The bank has said it now regrets any interaction the bank had with Epstein while he was a client.

JPMorgan's logo is pictured at the new French headquarters of JP Morgan bank.

JPMorgan settles with Jeffrey Epstein victims

The lawsuits say JPMorgan provided Epstein loans, allowed him to withdraw large sums of cash from 1998 into 2013 despite knowing about his practices.

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Lawsuits are still pending between the U.S. Virgin Islands and JPMorgan Chase, and the bank is still pursuing its lawsuit against a JPMorgan former executive.

Epstein was 66 when he apparently took his life in a federal jail in Manhattan in August 2019 while awaiting trial on sex trafficking charges that were brought against him a month earlier.

The settlement awaits final approval.