JPMorgan, Deutsche Bank must defend against allegedly facilitating Epstein's sex trafficking: US court
Epstein case
A US judge has ruled that JPMorgan and Deutsche Bank must defend against allegations that they enabled Jeffrey Epstein's sex trafficking.
District Judge Jed Rakoff of Manhattan ordered that the banks must defend against proposed class actions filed by women who claimed that Epstein had sexually abused them, adding thathe agreed to provide more details later, as reported by Reuters.
Furthermore, the judge ruled that JPMorgan must defend itself against a lawsuit filed by the US Virgin Islands accusing the bank of failing to notice warning signs regarding Epstein's abuse on Little St James, a private island he owned there.
The decision to continue working with Epstein after the nowdeceased financier registered as a sex offender might put the banks in danger of losing money and their reputation.
While awaiting a sex trafficking trial, Epstein died bysuicide at the age of 66 in a prison cell in Manhattan in August 2019. In 2008, he had admitted guilt to a Florida state court charge of prostitution, and he subsequently registered as a sex offender.
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More than 300 Epstein victims are expected to testify at a trial in October, and the women's attorney, Brad Edwards, estimated that damages might reach billions of dollars.
The decision was made in light of accusations that Jes Staley, a former executive at JPMorgan, exchanged sexually explicit texts with Epstein and engaged in sexual assault himself.
While acknowledging his friendship with Epstein, Staley expressed regret for their friendship and denied knowledge of Epstein's alleged wrongdoing.
(With inputs from agencies)
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