JPMorgan agrees to pay $290 million to settle Jeffrey Epstein case

JPMorgan Chase & Co. agreed to pay $290 million to settle a lawsuit alleging it knowingly benefited from former client Jeffrey Epstein's sex trafficking, according to a person familiar with the matter.

The "agreement in principle" would settle a proposed class action filed by an unnamed Epstein victim late last year, JPMorgan said on Monday. The bank makes no admissions of liability, the person said, asking not to be identified because the matter is private. "We all now understand that Epstein's behaviour was monstrous, and we believe this settlement is in the best interest of all parties, especially the survivors, who suffered unimaginable abuse at the hands of this man," the bank said.

"Any association with him was a mistake and we regret it. We would never have continued to do business with him if we believed he was using our bank in any way to help commit heinous crimes."