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JP Morgan agrees to pay $290m to settle lawsuit brought by Jeffrey Epstein victims
JP Morgan has agreed to pay roughly $290m (£232m) to settle a lawsuit brought on behalf of alleged victims of convicted sex offender Jeffrey Epstein.
Attorneys for the bank said it was “in the best interests of all parties, especially the survivors who were the victims of Epstein’s terrible abuse”. The lawsuit had alleged the largest US bank ignored warning signs about its client during a 15-year relationship.
The agreement is subject to court approval.
JPMorgan Chase will not admit liability in the case, but upon the settlement’s approval the bank will put out a statement regretting its association with Epstein, David Boies, one of the victims’ attorneys, told CNN. “We all now understand that Epstein’s behaviour was monstrous,” lawyers for the bank said in a statement on Monday. “Any association with him was a mistake and we regret it. We would never have continued to do business with him if we believed he was using our bank in any way to help commit heinous crimes.”
The settlement follows weeks of embarrassing revelations about the extent of JP Morgan’s relationship with the late financier.
Late last month, long-time chief executive Jamie Dimon provided a formal statement under oath for the case, in what turned out to be a day-long deposition from the bank’s headquarters in New York. Lawyers representing the unnamed accuser who filed the suit – identified only as Jane Doe 1 – asked a federal judge on Friday to allow them to take new testimony from Dimon. They also asked to reopen depositions for three other key witnesses in the case.
Another lawsuit filed against the bank late last year in federal court is still pending. That case was brought on behalf of the government of the US Virgin Islands, where Epstein owned a private island with a mansion. The financier kept hundreds of millions of dollars in more than 50 accounts at JP Morgan between 1998 and 2013, five years after he pleaded guilty to soliciting a minor for prostitution.
He was found dead at the age of 66 in a prison cell in 2019. New York City’s medical examiner ruled the death a suicide.
The Jane Doe 1 lawsuit said that JP Morgan “knowingly facilitated, sustained and concealed” the frequent cash withdrawals Epstein made to pay the young women he trafficked, while profiting from the deals and clients that the financier brought in.
The bank, which earlier failed to dismiss the dual suits, has countered that any civil liability should rest with Jes Staley, a former top executive who befriended Epstein. Staley has said his former employer is trying to “deflect blame” for its own failures and sought to dismiss the claims, but the complaint against him remains active.
Last month, Deutsche Bank, where Epstein was a client after he left JP Morgan in 2013, settled for $75m with Epstein accusers.
To date, the Epstein estate has paid out more than $150m to more than 100 of his victims.
(BBC)
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PCB fines Pakistan players for underwhelming T20 World Cup campaign
All of Pakistan’s squad members from the T20 World Cup have been fined PKR 5 million (US$ 18,000 approx.) each by the PCB following their underwhelming campaign. Pakistan were eliminated from the tournament following the Super Eight stage, missing out on the semi-finals of an ICC men’s event for the fourth successive time – the first such instance in Pakistan’s history.
ESPNcricinfo has learnt that the fines are not for disciplinary reasons, but specifically for what the board deems poor performance at the event. They were imposed immediately following Pakistan’s match against India in the group stages, where a meek showing resulted in a 61-run defeat. They were further told the fines may end up being waived off if Pakistan reached the tournament semi-finals.
Pakistan did get to the second round, thus avoiding a third straight first-round exit, but ran into trouble in the Super Eight group after a washout against New Zealand was followed by defeat to England. New Zealand’s crushing win over Sri Lanka left them relying on other results and a huge victory over Sri Lanka to sneak into the last four. However, their winagainst Sri Lanka was much too narrow to prevent an early exit.
The PCB has come down hard on players in the past, though sanctions have generally been framed as disciplinary. ESPNcricinfo has learned there were no disciplinary issues within the team throughout the tournament, and the fines have been levied specifically for the quality of their on-field performances. That makes the sanctions handed out by the PCB particularly rare, and potentially unprecedented.
The current PCB administration, though, does have form for imposing punishments in the wake of disappointments at major tournaments. Five months earlier, following a narrow defeat to India in the Asia Cup final, the PCB had briefly suspended all No-Objection Certificates (NOCs) issued to players that would have allowed them to take part in T20 leagues through the winter. That suspension, though, was lifted soon after as some of the top players headed to Australia for the BBL.
While the fines will be imposed on all players, Pakistan did have players who enjoyed individual success at the tournament. Sahibzada Farhan broke the record for most runs at a T20 World Cup, and became the only player to score two hundreds at the same event.
[Cricinfo]
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Iran strikes Qatar and Saudi energy sites as US jets shot down by Kuwaiti ‘friendly fire’
New Iranian strikes have been reported on a major gas plant in Qatar and in Saudi Arabia, where an oil refinery fire is “under control”
The price of gas on international markets has risen sharply – at one point up 42%.
The US and Israel struck Iran on Saturday, killing the country’s Supreme Leader Ayatollah Ali Khamenei. The Israeli military has launched new strikes on Tehran, but the US defense secretary says there will not be “endless war”.
In Kuwait, several US fighter planes have crashed, in what the US military says was “an apparent friendly fire incident” – one plane plummeting to the ground was caught on film.
Meanwhile, the US says a fourth member of its military was killed in Iran’s initial attacks. – it did not say where
The Lebanese health ministry says Israeli attacks in Beirut and southern Lebanon killed at least 31 people – Israel says it was responding to Hezbollah attacks
And in Cyprus, two drones heading for a UK base were intercepted, after an earlier attack on Sunday.
[BBC]
Latest News
India and Canada agree series of deals as Carney and Modi reset ties in Delhi
India and Canada’s prime ministers have agreed a number of accords, including a long-term deal to supply uranium to India
After talks in Delhi, Mark Carney said he and Narendra Modi had agreed to conclude an economic partnership agreement by the end of this year. The two leaders are attempting to reset ties that have been strained since 2023 when then PM Justin Trudeau said there were “credible allegations” linking India to the killing of a Sikh separatist leader on Canadian soil
Under Carney, Canada has sought to rebuild engagement with India amid tariff pressure from its largest trading partner, the United States
On Monday, Modi and Carney also agreed to co-operate in areas like critical minerals, clean energy, space and higher education
[BBC]
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