JPMorgan CEO to face questioning
Jamie Dimon, the CEO of JPMorgan Chase & Co., has been ordered to set aside two days for depositions regarding what he knew about the bank’s association with a convicted sex offender and former client Jeffrey Epstein by a federal judge in Manhattan. Women who assert that Epstein violated their sexuality have filed lawsuits against the largest U.S. bank and the U.S. Virgin Islands, where Epstein maintained a residence. In a second complaint, JPMorgan accuses former private banking executive Jes Staley of hiding information regarding Epstein and demanding that he pay the bank’s legal costs in the two lawsuits. From 2000 through 2013, Epstein was a client of JPMorgan. This was true even after he pleaded guilty in 2008 to a Florida state prostitution crime.
NewsOTG gathered that JPMorgan has allegedly been accused of knowing as early as 2006 that Epstein paid cash to bring young girls and underage girls to his house, but the bank disregarded many internal warnings to end its relationship with him. Judge Jed Rakoff of the U.S. District Court mandated that Dimon can be questioned by plaintiffs’ attorneys for five hours and by Staley’s attorney for two hours, however, Rakoff has the discretion to grant more time upon request. Dimon had been made available for three hours by JPMorgan. There will be a trial on October 23. In response to the complaint, JPMorgan released a statement in which it stated that “[Dimon] had no connection to Epstein or his accounts based on a study of more than two decades’ worth of emails and other data.
He has no recollection of ever speaking to, or even encountering him. Although Dimon has not been charged with any wrongdoing, the lawsuits reveal JPMorgan’s relationship with Epstein and raise concerns about the bank’s obligation to take action when it learns of illegal activity by one of its clients. Not just JPMorgan is a major bank under investigation for its connection to Epstein. 2020 saw Deutsche Bank reach an agreement to pay $150 million to resolve accusations that it handled transactions for Epstein while ignoring warning signs. Financial institutions are increasingly being held accountable for their part in aiding the criminal conduct of their clients, as the cases against JPMorgan and other banks show. The results of the JPMorgan lawsuits might establish a standard for how banks handle similar situations going forward.