JPMorgan CEO Jamie Dimon is in the hot seat over the bank’s Epstein ties

JPMorgan Chase has been accused by victims of Epstein's sex trafficking of supporting his illegal activities.

JPMorgan CEO Jamie Dimon is in the hot seat over the bank’s Epstein ties
Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., poses for a photo during an interview with Reuters in Miami, Florida, U.S., February 8, 2023. REUTERS/Marco Bello//File Photo

The backstory: In 2008, big-shot hedge fund manager Jeffrey Epstein got in trouble for sexual misconduct and pleaded guilty to prostitution charges in Florida. He was also a client of JPMorgan from 2000 to 2013, and this didn't change even after he admitted to wrongdoing in Florida. Fast forward to 2019, and he was again arrested for sex trafficking minors. But before his trial began, he died in jail, and it was ruled a suicide.

More recently: JPMorgan Chase has been accused by victims of Epstein's sex trafficking of supporting his illegal activities. Earlier this month, the bank tried to dismiss a lawsuit, arguing that the allegations didn't meet the legal standard for sex trafficking. But according to court documents, the bank might have ignored some red flags and turned a blind eye to what Epstein was doing.

The development: Now, JPMorgan CEO Jamie Dimon will reportedly have to answer some tough questions about his bank's connection to Epstein. According to some insiders, Dimon will be deposed as part of two high-profile cases against the bank brought by one of Epstein's alleged victims and the US Virgin Islands.

The exact date of this sworn testimony is unknown, but one source mentioned that all related depositions must be done by the end of May. As for JPMorgan, it declined to comment on the matter.

Key comments:

"It is sexual assault," JPMorgan's attorney Felicia Ellsworth told US District Judge Jed Rakoff, asking him to dismiss a lawsuit against the bank.

"There is no doubt there was sex trafficking here," said David Boies, the lawyer of one of Epstein's victims using the pseudonym Jane Doe. "There is no doubt they knew what they were doing at the time."

"Jamie Dimon knew in 2008 that his billionaire client was a sex trafficker," said attorney Mimi Liu to Manhattan US District Judge Jed Rakoff at a hearing two weeks ago, referring to the year Epstein was first criminally charged with sex crimes.

"At least 20 individuals paid through JPMorgan accounts were victims of trafficking and sexual assault in Little St James, New York, and/or other Epstein properties," said the court filing in February.