The biggest US bank reported that Epstein’s behaviour fluctuated from victim to victim and over time and that the bank’s awareness of and supply of financial services also varied.
Over 100 women have accused JP Morgan Chase of allowing the late tycoon Jeffrey Epstein to sexually assault them, and the bank has urged a federal judge to deny their request for class-action status. JP Morgan Chase said in a recent petition in a federal court in Manhattan that Epstein’s accusers are too many to bring a claim under an “oversimplified” approach that holds the firm accountable for having given Epstein banking services.
The biggest US bank saw that Epstein’s behaviour changed over time and from victim to victim and that the bank’s understanding and delivery of financial services also changed. They highlighted that Epstein’s actions were not the issue at hand; rather, the court must decide whether to certify a class in the complaint.
The bank argued that a class-action status should not be granted since doing so “skips over” the major variations in Epstein’s behaviour towards each victim and the different levels of knowledge the bank had at the time. The bank has requested feedback from the accusers’ solicitors, but they have not yet done so.
Class-action lawsuits provide plaintiffs with the opportunity to file a claim as a group, which might lead to more substantial settlements with less expense than filing claims individually. Epstein was a client of both Deutsche Bank and JPMorgan from 2013 to 2018 in the dispute involving JPMorgan and Deutsche Bank.
Epstein’s accusers, who have referred to the banks as “Epstein’s secret weapon” for enabling his years of sexual abuse and trafficking, have filed separate proposed class actions against the institutions.
Trials in the charges against both banks are planned for later in the year. Any misconduct has been refuted by the banks. Epstein committed himself after passing away in August 2019 in a Manhattan prison cell while awaiting a sex trafficking trial.
