JP Morgan provided services to Epstein and organizations connected to Epstein from January 1998 through August 2013.
To resolve a class-action lawsuit brought by the victims of Jeffrey Epstein, a well-known American banker, and serial sex offender, JP Morgan has agreed to pay $290 million.
The plaintiffs asserted that while Epstein was still the bank’s client, JP Morgan helped to facilitate sex trafficking by laundering money on his behalf.
Assisted money laundering by JP Morgan?
The largest bank in the country and victims’ attorneys said in a joint statement on Monday that they had “reached an agreement in principle to settle the putative class action lawsuit related to Jeffrey Epstein’s crimes.”
The agreement is awaiting court approval and does not involve JP Morgan taking on liability for the dispute. The statement indicated that all parties, especially the survivors who suffered from Epstein’s abhorrent abuse, believe that this settlement is in their best interests.
Over 100 women are anticipated to receive compensation for Epstein’s abuse, according to David Boies, one of the victim’s attorneys, who spoke to CNN. Following similar settlements with two other banks, more victims who applied through the Epstein Victims’ Compensation program will likely get compensation.
Since a significant financial institution is helping end sex trafficking, victims’ attorneys called the payment “historic” and “life-changing.”
Sigrid McCawley, the managing partner at Boies Schiller Flexner, proclaimed that money, which had previously circulated freely and without consequence between Jeffrey Epstein’s worldwide sex trafficking operation and the top banks on Wall Street, is now being unequivocally utilized for beneficial purposes.
How Does Bitcoin Compare?
The blockchain is frequently cited as an unregulated environment that facilitates money laundering, sanctions violations, and terrorist financing by Bitcoin most vocal detractors. Ben Bernanke, the former official of the Federal Reserve, stated last year that Bitcoin’s only actual use is for “ransomware, or something like that.”
Data from Chainalysis, however, demonstrates that the percentage of Bitcoin transactions used to support financial crime is decreasing over time. Additionally, even though the volume of illegal cryptocurrency transactions appears to be increasing in absolute terms, the dollar is still king in money laundering, according to the U.S. Treasury Department.