JPMorgan and ex-executive clash in court over Epstein’s responsibility

NEW YORK, May 19 (Reuters) – A government judge said on Friday he would choose before the month’s over whether JPMorgan Pursue and Co’s JPM.N claim against a previous chief who become friends with sex wrongdoer Jeffrey Epstein ought to continue.

After an hour of oral arguments, former executive Jes Staley, the largest U.S. bank’s former private banking head, tried to dismiss JPMorgan’s lawsuit, claiming that he had entangled the company with Epstein. U.S. District Judge Jed Rakoff made the statement in Manhattan.

A federal judge said on Friday that by the end of the month, he would decide whether JPMorgan Chase & Co.’s JPM.N lawsuit against a former executive who befriended sex offender Jeffrey Epstein should proceed.

The assertion by U.S. Region Judge Jed Rakoff in Manhattan came toward the finish of one hour of oral contentions over a move by ex-leader Jes Staley, the biggest U.S. bank’s previous confidential financial head, to excuse JPMorgan’s suit blaming him for entrapping it with Epstein.

JPMorgan needs Staley, who has communicated lament for become friends with Epstein however denied being familiar with his supposed violations, to cover some or all harms it could look in claims brought by Epstein’s informers and the U.S. Virgin Islands over its connections to the late agent.

Staley, who went on to become the chief executive of Barclays Plc’s BARC.L, stated that the bank was using him as a “public relations shield” to cover up its own supervisory flaws.
Source – Nasdq

Leave a Reply