JP Morgan agrees to pay Epstein victims $290million

JP Morgan has agreed to pay Jeffrey Epstein victims up to $290million as part of a class action lawsuit settlement. 

The bank announced the settlement on Monday without disclosing how much it had agreed to pay, but The Wall Street Journal put the figure at close to $300million.

The lawsuit was filed on behalf of one woman but the settlement rewards anyone who was victimized by Epstein, a known pedophile who killed himself in prison in 2019. 

The number of victims who may stand to gain from the settlement could reach 100 though it's unclear if there is a limit on the number who can come forward, or whether each is limited in how much they can receive. 

The bank announced the settlement on Monday without disclosing how much the it had agreed to pay

'The parties believe this settlement is in the best interests of all parties, especially the survivors who were the victims of Epstein's terrible abuse,' a statement released by JP Morgan on Monday morning said. 

David Boies, an attorney acting on behalf of Epstein victims, said: 'The historic recoveries from the banks who provided financial services to Jeffrey Epstein, speak for themselves. 

'It has taken a long time, too long, but today is a great day for Jeffrey Epstein survivors, and a great day for justice.' 

Epstein was a client at the bank between 1998 and 2013 - seven years after he was arrested and convicted of using underage prostitutes in Palm Beach, Florida. 

Bank employees were concerned about Epstein's large cash withdrawals, some of which were used to pay underage girls in exchange for sex, but he was allowed to remain a client for years. 

According to depositions that were part of the lawsuit, he would regularly withdraw between $40,000 and $80,000 a month. 

Epstein is shown with former private banking chief, Jef Staley (far left), Larry Summers, Bill Gates (second right)  and Boris Nikolic (far right)

The withdrawals rang alarm bells among compliance officials, but he explained them away by claiming they were for fuel and landing fees for his private plane.

The bank is still entangled in a separate lawsuit filed by the government of the US Virgin Islands, where Epstein kept a home and is said to have abused dozens of girls. 

Last year, the same lawyers successfully sued Deutsch Bank - which took Epstein on as a client after JP Morgan eventually cut ties with him in 2013 - over the same allegations. 

Deutsch Bank settled for a tentative sum of $75million and was fined $100million by New York regulators. 

Epstein died in custody while awaiting a sex trafficking trial. In his absence, the only person to have faced criminal prosecution over his crimes is Ghislaine Maxwell. 

She is currently serving a 20 year prison sentence after being convicted of facilitating the abuse. 

'The parties believe this settlement is in the best interests of all parties, especially the survivors who were the victims of Epstein's terrible abuse,' a statement released by JP Morgan on Monday morning said