Judge gives preliminary approval to $290 million deal JPMorgan Chase reached with Epstein victims
Jun 26, 2023, 3:56 PM
NEW YORK (AP) — 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 pled 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.
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 brought against him a month earlier.
The settlement awaits final approval.