JPMorgan executives sued over hurt brought on by ties to Epstein
JPMorgan Chase and its prime executives, together with CEO Jamie Dimon, risked the financial institution’s popularity by coping with Jeffrey Epstein and failing to report suspicious exercise in his accounts, an investor stated in a lawsuit searching for an order to drive the financial institution to enhance its compliance procedures.
The Working Engineers Development Trade and Miscellaneous Pension Fund can also be searching for a ruling from a choose discovering that the financial institution’s officers breached their obligation to report Epstein’s conduct and to pay its authorized prices.
“JPMorgan has suffered and can proceed to endure substantial financial and reputational hurt for its longstanding function in helping probably the most egregious intercourse trafficker in fashionable historical past,” the fund stated within the criticism filed Tuesday in Manhattan federal courtroom.
The New York-based financial institution had a 15-year relationship with Epstein, from 1998 to 2013, throughout which era he withdrew massive sums of cash in money to assist his intercourse trafficking operation, in line with the criticism. JPMorgan did not file suspicious exercise stories and adjust to related anti-money laundering regulation throughout that point, the fund stated.
JPMorgan did not instantly reply to a request for remark.
The fund stated “JPMorgan is uncovered to substantial authorized threat due its function in serving to conceal Epstein’s crimes,” citing two instances that JPMorgan is defending, during which an Epstein sufferer and the U.S. Virgin Islands are individually searching for financial damages over claims that the financial institution facilitated abuse by Epstein.
JPMorgan can also be on the threat of paying penalties following potential authorities probes, the fund stated within the criticism.