(CNN) — JPMorgan Chase has settled a class action lawsuit by Jeffrey Epstein’s sexual assault victims.
The victims had accused the bank of allowing sex trafficking by the deceased millionaire when he was a customer.
A joint statement from America’s largest bank and lawyers for the victims said they have “informed the court that they have reached an agreement in principle to resolve the alleged class action lawsuit related to the crimes of Jeffrey Epstein.” The deal is subject to court approval and the amount was not disclosed.
The bank and lawyers for the victims said the settlement is in the best interest of all parties, “especially the survivors who were victims of Epstein’s appalling abuse.”
Pending the case of the Virgin Islands
Litigation between JPMorgan and the US Virgin Islands, where Epstein had a home, is still pending.
The bank is moving forward with its case against Jes Staley, a former JPMorgan executive and former CEO of Barclays who the lawsuit says is largely responsible for JPMorgan’s 15-year financial relationship with Epstein.
Epstein’s victims had previously reached a $75 million settlement with Deutsche Bank.
Epstein was arrested in 2019 on charges of child sex trafficking. He died in prison shortly after his arrest in what authorities have ruled a suicide.
Epstein faced criminal charges related to sexual misconduct long before his 2019 arrest: He pleaded guilty to two state prostitution charges in 2008 and served just 13 months in prison. He was released during the day to continue doing business during his time in prison. He also registered as a sex offender and paid restitution to victims identified by the FBI.
In an eight-hour deposition in the case last month, JPMorgan Chase CEO Jamie Dimon testified that he had never met Epstein in person or spoken on the phone, and was not aware of real-time compliance assessments. bank of Epstein’s account, and his criminal conduct dates back to 2006.
Dimon said he only became aware of the bank’s relationship with Epstein when he saw the news in 2019, around the time of Epstein’s arrest on federal charges in New York.
“And the reason I remember that is that I was surprised that I didn’t know about it before,” he said, according to the transcript.
Attorneys for the victims recently came forward to depose Dimon for a second time.
