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JPMorgan Chase sued a former prime govt on Wednesday and needs him to pay up if the financial institution is discovered chargeable for having supplied banking providers to Jeffrey Epstein, the financier who died in federal custody in 2019 whereas awaiting trial on sex-trafficking prices.
The financial institution filed a third-party grievance towards the previous govt, James E. Staley, in reference to a lawsuit that the federal government of the U.S. Virgin Islands filed towards it in federal courtroom late final yr. JPMorgan has additionally been sued by an unidentified lady who says that she was a sufferer of Mr. Epstein’s intercourse trafficking and that the financial institution did nothing to cease the operation.
JPMorgan mentioned within the submitting that Mr. Staley, higher referred to as Jes, ought to need to reimburse it for any damages if the lawsuit’s allegations that he knew about Mr. Epstein’s trafficking of teenage women and younger girls have been proved true and he had hid it from the financial institution.
The financial institution, the nation’s largest, filed the indemnification declare towards Mr. Staley whereas denying allegations that it ought to have recognized about Mr. Epstein’s actions. It filed a movement final month to have the 2 lawsuits dismissed.
Mr. Staley labored for JPMorgan from 1979 to 2013 in numerous jobs and served for almost eight years in prime positions at its personal financial institution and wealth administration division. Quickly after Mr. Staley left JPMorgan, the financial institution stopped offering banking providers to Mr. Epstein.
The Virgin Islands, in an unredacted courtroom submitting final month, mentioned Mr. Staley and Mr. Epstein had swapped sexually suggestive emails about younger girls even after Mr. Epstein was convicted of intercourse crimes in 2008.
The U.S. territory has argued that the financial institution ought to have been conscious of Mr. Epstein’s longstanding abuse of younger girls and teenage women due to Mr. Staley’s shut relationship with him.
JPMorgan, in its courtroom submitting, mentioned that if Mr. Staley had been conscious of Mr. Epstein’s sexual abuse of girls and hadn’t reported it, the financial institution shouldn’t be chargeable for any damages.
In 2015, Barclays employed Mr. Staley as its chief govt. However the British financial institution pushed him out in 2021 throughout a regulatory inquiry into whether or not he had absolutely disclosed the extent of his ties to Mr. Epstein earlier than becoming a member of Barclays.
A lawyer for Mr. Staley declined to remark. Mr. Staley has at all times mentioned that he was unaware of Mr. Epstein’s actions and that he hardly ever noticed him after leaving JPMorgan.
The Virgin Islands says JPMorgan ought to have recognized about Mr. Epstein’s actions on Little St. James Island, an island that he owned within the territory, off St. Thomas. Dozens of girls have come ahead to say they have been victims of Mr. Epstein’s sexual abuse as youngsters or younger adults.
His property has paid out greater than $125 million in settlements and not too long ago agreed to pay greater than $105 million to the Virgin Islands authorities to settle one other lawsuit filed by the legal professional common’s workplace.
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