17 Attorneys General and Two Claimants File Objections to JPMorgan Chase’s Tricked Up Settlement with Jeffrey Epstein Victims
The Attorneys General of 16 states and Washington, D.C. are challenging the settlement crafted by Big Law firm WilmerHale on behalf of JPMorgan Chase and by the high-profile lawyer, David Boies, on be
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By Pam Martens and Russ Martens
The Attorneys General of 16 states and Washington, D.C. are challenging the settlement crafted by Big Law firm WilmerHale on behalf of JPMorgan Chase and by the high-profile lawyer, David Boies, on behalf of the sex-trafficked victims of the late Jeffrey Epstein.
The class action settlement agreement was filed with the Federal District Court for the Southern District of New York in June. The court set a date of November 9 for the final Fairness Hearing – a legal requirement for class action settlements where the court must hear from any objectors impacted by the agreement. Depending on the strength of those objections, the Court could decide to reject the settlement as not “fair, adequate and reasonable” as required under Rule 23 for class actions, and ask the parties to go back to the drawing board.
The state Attorneys General filing the objection with the court represent two states where much of Epstein’s sex trafficking of minors occurred – New York and New Mexico – as well as those from Arizona, California, Connecticut, Delaware, Hawaii, Illinois, Maryland, Minnesota, Mississippi, Oregon, Pennsylvania, Tennessee, Utah and Vermont. Noticeably absent is the Attorney General for Florida, the state where Epstein was able to turn local underage school girls into his sex slaves for years and get a sweetheart 13-month work release deal from prosecutors.
Under the federal law known as the Trafficking Victims Protection Act (TVPA), Attorneys General have the right to bring claims on behalf of sex trafficked victims. The language in the JPMorgan Chase settlement proposes to extinguish those rights according to the State Attorneys General who told the court the following:
“Section 1.25 [of the proposed settlement agreement] releases claims that could be brought to recover damages from the Released Defendant Parties on behalf of a Member of the Class by any other party, including any sovereign or government, relating to or arising from any Member of the Class’s harm, injury, abuse, exploitation, or trafficking by Jeffrey Epstein or by any person who is in any way connected to or otherwise associated with Jeffrey Epstein, as well as any right to recovery on account thereof. (Emphasis added.)”
“Any person who is in any way connected to or otherwise associated with Jeffrey Epstein” includes a large number of billionaires – including Epstein’s money man, Leslie Wexner, the former CEO of the retailing conglomerate that previously owned Victoria’s Secret, Bath & Body Works, and other retail chains; and Leon Black, the former CEO of private equity firm Apollo Global Management who paid Epstein $158 million for questionable reasons that have become the subject of a Senate Finance Committee investigation. There are literally hundreds of high-profile individuals that were listed in Epstein’s little black book that could be considered “connected” to him.
Many of the individuals listed in Epstein’s little black book – a total of 1,571 – have had important banking relationships with JPMorgan Chase. Some of those ultra wealthy individuals were referred to the bank by Jeffrey Epstein. Wexner’s retailing businesses were longstanding clients of JPMorgan Chase; Leon Black was referred to JPMorgan Chase by Epstein. In a court filing on July 26 by the Attorney General of the U.S. Virgin Islands, which has since settled its Epstein-related case against JPMorgan Chase for $75 million, it listed the following individuals as people Epstein referred as clients to the bank: Microsoft co-founder and billionaire Bill Gates; Google co-founder and billionaire Sergey Brin; the Sultan of Dubai, Sultan Ahmed bin Sulayem; media and real estate billionaire Mort Zuckerman; and numerous others.
JPMorgan was sued by Epstein victims for facilitating Epstein’s child sex-trafficking for more than a decade by providing him with cozy banking services, which included sluicing to him millions of dollars in hard cash from his accounts, sometimes as much as $40,000 to $80,000 a month. The bank failed to file the Suspicious Activity Reports (SARs) that it is legally required to file with the Financial Crimes Enforcement Network (FinCEN) for those payments in cash. Epstein’s quid pro quo with the bank included him referring valuable business deals and clients to JPMorgan Chase. These allegations were substantiated by 22 pages of internal bank emails released in the related case brought against the bank by the U.S. Virgin Islands.
JPMorgan Chase raised a lot of eyebrows on Wall Street when it agreed to settle the case brought by David Boies on behalf of Epstein victims for the stunning sum of $290 million – with $87 million of that going to Boies and the other lawyers representing the victims.
Wall Street On Parade was the only media outlet that did a deep dive at the time into the details of that settlement agreement to find out exactly what JPMorgan Chase thought it was getting for its hefty $290 million price tag. We called out the warts as follows:
“…the attorneys for the unnamed victims are requesting $87 million in legal fees from the $290 million settlement amount, plus another $2.5 million in expenses. The victims, on the other hand, are guaranteed no minimum monetary payment but must file a release form before they learn if they will get a dime. This language appears in the settlement documents:
‘All Class Members shall be bound by all determinations and judgments in the Litigation concerning the Settlement (including, but not limited to, the releases provided for therein) whether favorable or unfavorable to the Class, regardless of whether such Persons seek or obtain by any means (including, without limitation, by submitting a Questionnaire and Release, or any similar document) any distribution from the Net Settlement Fund.’
“…In addition to having to first sign a release form in order to file a claim for a monetary award with the Claims Administrator (who is also released from liability), Epstein’s victims will have to officially opt-out of this settlement in writing or be ‘forever’ bound by its terms. Even if the victims never hear about this settlement or never receive a notice about the terms of this settlement, if they don’t opt-out in writing, they are bound by the terms of the settlement – meaning that they can’t assert their claims individually against JPMorgan Chase, its executives or personnel that covered up for Epstein, in a lawsuit of their own. The relevant section of the settlement reads:
‘No Class Member is relieved from the terms of the Settlement, including the Releases provided for therein, based upon the contention or proof that such Class Member failed to receive actual or adequate notice.’
“The claims that victims are releasing are sweeping in scope. The settlement includes this problematic language in one part of the release:
‘This release is intended to release, to the maximum extent allowable under law, any claims, rights and causes of action against Released Defendant Parties of every nature and description…including both known and Unknown Claims…whether arising under federal law, state law, statutory law, common law, foreign law, or any other law, rule, or regulation, that could be brought to recover damages from the Released Defendant Parties on behalf of a Member of the Class by any other party, including any sovereign or government, relating to or arising from any Member of the Class’s harm, injury, abuse, exploitation, or trafficking by Jeffrey Epstein or by any person who is in any way connected to or otherwise associated with Jeffrey Epstein, as well as any right to recovery on account thereof.’
The Art of Liberty Foundation will be co-sponsoring a conference in Sedona, Arizona on November 3rd, 4th and 5th entitled: Liberty on the Rocks!
The conference brings together some of the leading lights in Liberty to discuss our current political situation and SOLUTIONS, including how to create local Liberty groups and Freedom Cells and how to move yourself out of organized crime’s crooked admiralty law system by correcting your status and standing. Friday night, there will be a VIP Dinner and concert Featuring Grant Prezence. Saturday we are at the Global Center for Christ Consciousness in Sedona for talks, workshops and a panel. There will be a Liberty expo with the ability to table. It is free for all on Saturday after 3:00 PM. Sunday we are taking folks for yoga and hiking in the most beautiful place on the planet. Get the details at