JPMorgan Chase closed a dark chapter involving one of Wall Street’s most infamous clients by paying $75 million to settle a lawsuit alleging that the bank aided Jeffrey Epstein’s sex trafficking.
The payment is the latest in a string of legal settlements by big banks, billionaires and the late Epstein’s estate that have exposed how deeply the convicted sex offender was embedded in the highest levels of finance and how he ensnared powerful businesspeople and world leaders.
While the bank continued to service Mr. Epstein, even after he registered as a sex offender in 2008, it canceled the accounts of some conservative activists. The National Legal and Policy Center and our allies at the Free Enterprise Project put out a joint press release on February 23, 2023, highlighting the hypocrisy.
“Chase is a too-big-to-fail bank, so it gets to keep its profits, while all taxpayers – not just leftwingers – backstop its losses,” said Scott Shepard, Director of FEP. “Chairman and CEO Jamie Dimon talks a good game about recognizing the folly of woke corporate governance, apparently without realizing that that’s how his shop is run. After these Epstein revelations, it’s time for Congress and the states to investigate Chase and to bar it from doing business until it ends its petty partisan discrimination.”