JP Morgan agrees to settle with Jeffrey Epstein's sex abuse victims

Megabank JP Morgan has agreed to a settlement with victims of deceased billionaire sex trafficker Jeffrey Epstein.

The New York Times reports that the bank and attorneys representing the victims announced the settlement on Monday after what the paper describes as "weeks of embarrassing disclosures about the bank’s longstanding relationship with him."

The victims filed a lawsuit against JP Morgan this past November in which they alleged that the bank continued doing business with Epstein despite having full knowledge of his history of sexually abusing underage girls.

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"Court documents and deposition testimony reviewed by The New York Times revealed that bank employees had filed numerous suspicious activity reports about Mr. Epstein’s repeated large cash withdrawals," the paper writes. "The legal documents revealed that after designating Mr. Epstein a 'high risk client' in 2006, the bank kept him on as a customer despite media reports detailing allegations of his sexual abuse of teenage girls and evidence that some of the cash withdrawals were for payments to dozens of young women."

Financial terms of the settlement have not yet been disclosed, although the Times notes that Deutsche Bank last month agreed to a tentative $75 million settlement with Epstein victims.