JP Morgan Chase (JPMC) is suing former top executive Jes Staley over his ties to s*x offender Jeffrey Epstein. The Wall Street giant says that Mr. Staley didn’t tell them about his ties to the late s*x trafficker, which could have hurt them.
When the BBC tried to talk to Mr. Staley’s lawyer, he refused to say anything.
The US Virgin Islands and an unnamed woman are suing JPMC, claiming it helped Epstein’s s*x trafficking by letting him stay as a client.
In the two lawsuits, the bank is trying to hold Mr. Staley responsible for any fines it might have to pay if it is found that it helped Epstein commit s*x trafficking crimes.
The lawsuits allege that Mr Staley “personally observed” Epstein abusing trafficked women and “spent time with young girls” he met through the disgraced financier, JPMC said in a Manhattan federal court filing on Wednesday.
“Staley persisted for years – from at least 2006 until his departure from JPMC in 2013 – in protecting Epstein in the face of attempts by JPMC to end the company’s relationship with Epstein, omitted material information, made misrepresentations in the process, and continued to do so,” the firm said.
“As a result of Staley’s faithless service, JPMC is entitled to recover all compensation paid to Staley during the time period of his disloyalty,” it added.
From 1979 to 2013, Mr. Staley worked at J.P. Morgan in many different jobs. From 2001 to 2009, he was in charge of the bank’s asset management business. After that, he was in charge of the bank’s corporate and investment banking business.
After investigating his ties to Epstein, Mr. Staley quit as CEO of the UK bank Barclays in November 2021. When the results came out, Mr. Staley said he was “shell-shocked, angry, and upset” and would fight them.
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In February 2022, Barclays stopped giving Mr. Staley bonus shares worth tens of millions of pounds.
Epstein died in a New York prison cell on August 10, 2019, as he waited for his s*x trafficking trial without the chance of bail. It happened more than a decade after he was convicted of trying to get a minor to do prostitution, for which he was registered as a s*x offender.
Developing: A federal judge ordered JPMorgan to hand over CEO Jamie Dimon’s records in Jeffrey Epstein lawsuit. @EamonJavers reports. pic.twitter.com/zoZEjXjBZq
— Last Call (@LastCallCNBC) March 10, 2023
This time, Epstein was accused of running a “vast network” of young girls for s*x. He said he was not guilty.
Mr. Staley has said that his relationship with Epstein is professional. He said his contact with Epstein started to “taper off” around 2013 when he left JP Morgan.