JP Morgan agrees to settle lawsuit brought by Jeffrey Epstein victim

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JP Morgan has agreed to pay roughly $290m (£232m) to settle a lawsuit brought on behalf of alleged victims of convicted sex offender Jeffrey Epstein.

Attorneys for the bank said it was "in the best interests of all parties, especially the survivors who were the victims of Epstein's terrible abuse".

The lawsuit had alleged the largest US bank ignored warning signs about its client during a 15-year relationship.

The agreement is subject to court approval.

JPMorgan Chase will not admit liability in the case, but upon the settlement's approval the bank will put out a statement regretting its association with Epstein, David Boies, one of the victims' attorneys, told CNN.

"We all now understand that Epstein's behaviour was monstrous," lawyers for the bank said in a statement on Monday.

 

"Any association with him 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 settlement follows weeks of embarrassing revelations about the extent of JP Morgan's relationship with the late financier.