US financial institution JPMorgan has agreed to pay $290m (£232m) to victims of convicted intercourse trafficker Jeffrey Epstein to settle claims the financial institution knowingly financially benefitted from Mr Epstein’s crimes.

A category motion lawsuit was taken towards the Wall Street lender by victims of Mr Epstein, who say it turned a blind eye to the indicators he was trafficking younger ladies, together with processing sufferer settlements and funding transport.

The swimsuit alleged JPMorgan benefited from the offers and purchasers Mr Epstein, as a profitable financier, delivered to the financial institution and “knowingly facilitated, sustained and concealed” money withdrawals used to pay his victims.

Details of the “agreement in principle” settlement should not public however it’s price a reported $290m to the nameless victims.

Mr Epstein was a consumer of JPMorgan from 1998 to 2013 earlier than the financial institution lower ties with him. He was convicted for soliciting a minor for prostitution in 2008 however held hundreds of thousands of {dollars} throughout greater than 50 JPMorgan accounts for 5 years following the conviction.

The case towards JPMorgan had been rising as victims requested a federal decide on Friday to permit new proof to be taken from former chief government on the financial institution, Jamie Dimon, in addition to different witnesses.

The financial institution can also be being sued by the federal government of the US Virgin Islands, the place Mr Epstein had a personal island, alleging the financial institution missed pink flags about his abuse within the territory.

Settling the case is “in the best interests of all parties, especially the survivors who were the victims of Epstein’s terrible abuse”, the JPMorgan authorized workforce stated.

“Any association with [Mr Epstein] 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.”

The financial institution had failed to have the charges against it dismissed in March, when a decide dominated it should face the category motion.

In flip JPMorgan is pursuing legal action against former chief executive Jes Staley over his hyperlinks to Mr Epstein, searching for to carry him personally answerable for monetary penalties it pays and drive him to pay again wages earned when he was allegedly conscious of Epstein‘s sexual abuse.

Mr Epstein died aged 66 in a Manhattan jail cell in August 2019 whereas awaiting trial for intercourse trafficking.

Deutsche Bank, his financial institution from 2013, can also be being sued by victims.