Inside JPMorgan’s Year of Being Haunted by Jeffrey Epstein
- Bank’s past ties to notorious sex offender come home to roost
- Firm agreed to pay $365 million to settle two cases this year
From the moment JPMorgan learned the USVI would be pursuing a claim, the leaders were forced to weigh the legal, reputational and emotional concerns of the case.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Jamie Dimon wasn’t going to be embarrassed into a settlement. As damaging revelations about the extent of JPMorgan Chase & Co.’s relationship with Jeffrey Epstein trickled out of a lawsuit this year, his bank balked at paying up.
The longtime JPMorgan chief told colleagues he saw the fight as one of “principle.” He and others within the bank viewed the plaintiff — the US Virgin Islands, where Epstein had a private island — not as a victim, but instead complicit in the deceased sex offender’s crimes.