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JPMorgan said it was prepared to pay $290 million to settle a lawsuit brought by Jeffrey Epstein’s sexual abuse victims, the New York Times and Bloomberg reported.
The lawsuit, which alleged the bank benefited from Epstein’s sex trafficking, was filed by one of the victim’s late last year.
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The bank came to “an agreement in principle” on the settlement, Bloomberg reported, with a source at the firm adding that the settlement is not an admission of liability in the case.
The lawsuit’s discovery process led to internal emails between some JPMorgan staffers being publicized, including an email which referred to Epstein as a “Sugar Daddy!” and one which said there were “lots of questions” about him, the Financial Times reported.
The lawsuit alleged that the bank had chosen to ignore Epstein’s actions, even after he had registered as a sex offender and pleaded guilty to soliciting prostitution from a minor in 2008.
In a statement, the bank said, “We all now understand that Epstein’s behavior 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.”