Overnight, JP Morgan Chase (JPMC) launched legal action against its former top executive Jes Staley, the ex CEO of Barclays, over his links to sex offender Jeffrey Epstein.
Reuters has the details: “The largest U.S. bank filed two complaints on Wednesday night in Manhattan federal court, where it is also defending against lawsuits by the U.S. Virgin Islands and a unnamed woman, Jane Doe 1, who say JPMorgan aided in Epstein’s sex trafficking by keeping him as a client.
“JPMorgan said Staley should cover some or all damages if it were found liable, and pay punitive damages for his “intentional and outrageous conduct” in concealing information about Epstein and putting his own and Epstein’s interests above the bank’s.
“The Wall Street bank also wants Staley to repay all compensation from 2006 to 2013. Based on industry standards, that amount could total tens of millions of dollars.”