A former top executive was sued by JP Morgan Chase this Wednesday. He is accused of providing banking services to Jeffrey Epstein. He was a financier who was under a trial for sex trafficking and was dead in federal custody in the year 2019.
James E. Staley was the executive member of whom the bank was accused. The bank filed a third-party case on James through a lawsuit from the US virgin island agent in federal court late last year. An unidentified woman was also sued by JP Morgan. She said she was one of the victims of Mr Epstein’s sex trafficking, and the bank has not done anything about it.
JP Morgan said during the filing Mr Staley, also known as Jes, has to reimburse for damages. If the allegations from the lawsuit of him learning about Mr Epstein’s sex trafficking of young women and teenage girls and hiding it from the bank were true, he would have to pay for it.
The nation’s largest bank filed an indemnification claim against Mr Staley. They also denied their knowledge about Mr Epstein’s activities. Due to this motion last month, the two lawsuits were dismissed.
Mr Staley has served JP Morgan from 1979 to 2013 in various job roles. He has served over eight years in top positions in the wealth management section of a private bank. Just after Staley left JP Morgan, the services given to Mr Epstein by the bank were stopped.
In an unredacted court filing last month at Virgin Island, it said Mr Staley and Mr Epstein were having sexually suggestive email exchanges about your woman. It also continued after Mr Epstein was convicted of sex-related crimes in 2008.
The US territories raised questions about the bank’s knowledge in this matter. They said that the bank must be aware of Mr Epstein’s criminal activities of harassing young women and teenage girls due to his close contact with Mr Staley.
JP Morgan’s statement in the court filing said that the bank is not liable for any damages, if at all Mr Staley was aware of Mr Epstein’s criminal activities and not informed the bank.
Barclays, a British bank, hired Mr Staley in 2015 as its Chief executive. But they also terminated him in 2021 during a regular inquiry as the extent of his relationship with Mr Epstein was unclear. Mr Staley’s lawyer hasn’t commented on this matter. Mr Staley has always said he was unaware of Mr Epstein’s crimes. He rarely met him after he left JP Morgan.
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