JP Morgan's $290M Settlement With Epstein Victims Gets Green Light From Judge: Report

JP Morgan Chase & Co. JPM has reportedly received approval from a federal judge to pay $290 million in a class-action lawsuit settlement to the sexual abuse victims of Jeffrey Epstein. 

The victims had claimed that the bank ignored warnings about the disgraced financier, according to a news report by The New York Times, which cited a legal filing.

The payment from JPMorgan, the largest bank in the nation, might offer compensation to almost 200 of Epstein's victims, the report read. 

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In June, JPMorgan and the victims' attorneys agreed on an initial settlement, thus preventing a possible civil trial in a federal court in Manhattan.

Judge Jed Rakoff granted final approval to the settlement after conducting an afternoon hearing to evaluate its fairness to the victims. This settlement concludes a significant chapter in the Epstein saga, focusing on the involvement of major banks in allowing his misconduct to persist for nearly two decades, The New York Times added.

"This case sent a message through this very substantial settlement that banking institutions have a responsibility," Judge Rakoff said, as noted by the news agency.

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The settlement between JPMorgan and Epstein's victims resolves a lawsuit initiated last November. This lawsuit represented victims who were sexually abused by Epstein over an approximately 15-year period, concluding in 2013.

Price Action: JPM shares are trading higher by 0.05% to $144.36 on the last check Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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