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JP Morgan has consented to pay $290 million to resolve a class-action lawsuit brought by the victims of Jeffrey Epstein, the notorious American financier and sex offender.
The plaintiffs alleged that JP Morgan facilitated money laundering, thereby supporting sex trafficking on Epstein’s behalf while he was a client of the bank.
JP Morgan’s Involvement in Money Laundering?
A joint announcement from the largest bank in the United States and the attorneys representing the victims stated on Monday that both parties had “reached an agreement in principle to settle the proposed class action lawsuit concerning Jeffrey Epstein’s offenses.”
This agreement is contingent upon court approval and will not require JP Morgan to acknowledge liability in the matter. “The parties believe this settlement serves the best interests of all involved, particularly the survivors who suffered from Epstein’s horrific abuse,” the statement indicated.
As reported by CNN, David Boies – one of the attorneys for the victims – mentioned that over 100 women are anticipated to receive compensation for the abuse inflicted by Epstein. Additional victims who have filed through the Epstein Victims’ Compensation program are likely to receive compensation following similar settlements with two other banks.
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The lawyers representing the victims described the settlement as “life-changing and historic,” considering the involvement of a major financial institution in combating sex trafficking.
“Funds, which for far too long flowed unchecked between Jeffrey Epstein’s global sex trafficking operation and Wall Street’s leading banks, are now being decisively redirected for positive purposes,” stated Sigrid McCawley, managing partner at Boies Schiller Flexner.
Epstein’s victims reached a $75 million settlement agreement with Deutsche Bank, with which there is expected to be an overlap in the victims it assists in compensating, according to Boies.
How Does Bitcoin Compare?
Bitcoin’s most vocal detractors frequently highlight the blockchain as an unregulated environment that facilitates money laundering, sanctions evasion, and terrorist financing. Last year, former Federal Reserve Chairman Ben Bernanke asserted that Bitcoin lacks any intrinsic value aside from “ransomware, or something similar.”
Nevertheless, data from Chainalysis indicates that the percentage of Bitcoin transactions used for financial crime is decreasing over time. Moreover, while illicit crypto volume seems to be increasing in absolute terms, the U.S. Treasury Department has confirmed that the dollar continues to dominate in money laundering activities.
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